% 


* 


Cbe  finance  m  Commerce 

of  Boston 
and  JNew  Cngland 


CONTAINING 

ACCURATE  AND  COMPREHENSIVE 
TREATISES  ON  THE  FINANCIAL, 
PROFESSIONAL  AND  COMMERCIAL 
INTERESTS  OF  BOSTON  AND 
THE  NEW  ENGLAND  STATES 


PUBLISHED  BY  THE 

Boston  Journal 


PROFUSEL Y 


The  intention  of  this  Work  is  to  bring  to  the  notice  of  the  World  the  gigantic 
manufacturing  interests  and  immense  resources  of  the  New  Eng¬ 
land  States  and  those  financial,  professional  and  com¬ 
mercial  firms,  corporations  and  individuals  whose 
business  acumen  has  contributed  to  make 
us  the  first  nation  of  the  World 

GRATUITOUSLY  DISTRIBUTED. 


\ 


;vjl  1  6  1986 


•OSTOII COURSE  kltSAftf 

CHESTNUT  Hill.  MA  gltft? 


JNew  GnglancTs  Hcbiewments  in  Business 
Success  <jCTning  from  Scant 
Native  Resources. 

THE  GREATEST  MANUFACTURING  SECTION  OF  THE  UNITED  STATES— A  VIGOR 
OUS  AND  INGENIOUS  PEOPLE— THE  BEGINNING  AND  DEVELOPMENT 
OF  THE  FACTORY  SYSTEM— THE  MOST  SOLIDLY  PROS¬ 
PEROUS  REGION  IN  CHRISTENDOM. 

/*? 


/^^HERE  are  no  gold  fields,  no  mines  of 
f precious  stones,  no  great  deposits  of 
■  Ijjtl)  coal  and  iron,  in  the  rugged  country 
that  forms  the  northeast  corner  of  this 
broad  republic.  Nowhere  within  the  boundaries 
of  the  United  States  has  less  wealth  been  made 
ready  for  man  by  nature  than  in  New  England — 
and  yet  nowhere  has  more  wealth  been  accumulated. 
The  people  of  the  six  New  England  States,  and  es¬ 
pecially  of  the  most  important  and  most  character¬ 
istic  Commonwealth  of  Massachusetts,  are  reputed 
to  be  the  richest  people  in  the  world.  They  wrung 
their  first  earnings  out  of  their  cold  sea  and  sterile 
acres.  They  have  made  the  utmost  of  their  own 
scant  native  resources.  But  they  have  shown  an  ex¬ 
traordinary  power  to  take  the  raw  materials  of  other 
and  less  vigorous  and  ingenious  people  and  turn  them 
to  profit  on  their  own  account. 

New  England  grows  no'  cotton,  and  yet  it  is  the 
greatest  cotton  manufacturing  region  in  America.  It 
grows  very  little  wool,  and  yet  it  makes  more  woolen 
and  worsted  fabrics  than  any  other  like  area  in  the 
New  World.  It  draws  the  hides  for  its  leather  and 
its  boots  and  shoes  from  distant  States  and  foreign 
countries.  It  makes  the  whole  globe  tributary  to  its 
busy  manufactories,  and  the  whole  globe  furnishes  a 
market  for  its  finished  goods. 

In  New  England’s  early  days  of  poverty,  when  she 
could  not  freight  her  own  ships,  she  became  the  car¬ 
rier  for  others.  This  genius  for  the  great  trade  of 
transportation  has  long  been  almost  a  New  England 
monopoly.  Everybody  knows  that  New  England  led 
for  two  centuries  in  the  building  and  sailings  of  ships, 
but  it  is  not  so  well  known  that  the  Middlesex  Canal 
from  Boston  Harbor  to  the  upper  Merrimac  antedated 
by  many  years  the  Erie  Canal,  or  that  a  four-mile  line 
from  the  Quincy  granite  quarries  that  carried  the  stone 
for  Bunker  Hill  Monument  down  to  the  sloops  wait¬ 


ing  to  cross  the  bay,  was  the  earliest  railroad  on  this 
Continent.  A  steam  railway  from  Boston  to  Worcester 
was  completed  as  early  as  1835,  and  in  1841  it  was 
pushed  through  to  Albany.  The  lines  to  Providence 
and  to  Lowell  came  into  operation  about  the  same  time, 
and  the  locomotive  and  its  train  soon  began  to  com¬ 
pete  with  the  sailing  coasters  and  steamboats  along 
the  Eastern  Road  to  Portland. 

factory  System  Begun. 

Even  before  the  coming  of  the  railroads  that  now 
pierce  almost  every  important  river  valley  in  the  six 
States,  New  England  had  begun  to  develop  what  is 
perhaps  its  most  important  contribution  to  industrial 
America — the  modern  factory  system.  Up  to  1814 
the  cotton  factory  confined  its  energies  to  spinning 
yarn  to  be  woven  into  cloth  on  hand  looms  in  the 
homes  of  the  people  The  first  application  of  power 
to  the  spinning  of  wool  was  made  in  Rhode  Island  in 
1819.  There  were  alert  men  who  saw  the  great  op¬ 
portunity  thus  opened  to  New  England,  with  its 
abundant  water  courses.  Power  was  applied  to  the 
complete  manufacturing  of  cotton  fabrics,  first  in  the 
factory  at  Waltham  and  afterward  at  Lowell,  in  1823. 

Daniel  Webster’s  prophetic  vision  saw  in  these  fac¬ 
tories  an  influence  that  was  destined  to  change  the 
whole  face  of  New  England.  But  the  calamity  which 
he  mourned  was  a  blessing  in  disguise,  and  the  great 
statesman  and  orator  lived  long  enough  to  acknowl¬ 
edge  it.  In  his  young  manhood,  and  down,  perhaps, 
to  the  year  1830,  shipbuilding,  navigation  and  com¬ 
merce  had  been  New  England’s  paramount  industries. 
Thereafter  they  gradually  became  subordinate  to 
manufacturing,  not  because  they  decreased,  for  they 
did  not,  but  because  of  the  vastly  swifter  expansion 
of  the  new  interest.  Shipbuilding  and  shipowning 
grew  and  prospered  in  New  England  until  1855.  It 
was  not  until  then  that  there  began  the  long  and  mel- 


4 


The  Finance  and  Commerce  of  Boston  and  ATezv  England. 


ancholy  decline  that  lias  now  left  but  a  ghost  of  the 
oldest  and  most  historic  of  New  England  s  great 
vocations. 

It  was  the  water  power  of  innumerable  deep  streams 
rushing  down  mountain-side  or  hillside  that  gave  New 
England  her  first  opportunity  for  manufacturing. 
Coal  and  steam  machinery  in  the  early  days  were  too 
costly  for  general  use,  but  water  to  turn  a  mill  wheel 
could  be  had  for  the  building  of  a  dam.  The  con¬ 
figuration  of  the  country,  with  rivers  relatively  nar¬ 
row  confined  between  high,  firm  banks,  and  breaking 
over  natural  falls  where  the  waste  water  could  be 
easily  disposed  of,  was  all-important  to  the  pioneers 
in  the  great  mechanical  enterprises  that  have  made  the 
names  of  Lowell,  Jackson,  Lawrence  and  Appleton 
famous  throughout  the  land,  and  won  great  fortunes 
for  the  descendants  of  these  men  of  larger  brain  and 
keener  courage  than  their  fellows. 

H  Crimty  of  Interests. 

To  this  wealth  of  water  power  happened  to  be  united 
the  other  essential  advantage  of  an  active  and  thrifty 
population,  inured  to  toil  in  a  climate  where  hard 
labor  was  possible  all  the  year  around.  The  opening 
of  the  great  West  would  have  ruined  New  England 
if  agriculture  had  been  her  main  reliance,  nor  could 
iier  inland  communities  have  lived  on  commerce  alone. 
It  is  the  trinity  of  interests,  all  well  maintained — agri¬ 
culture,  commerce,  manufacturing — not  conflicting 
with,  hut  sustaining  and  complementing  one  another 
—that  has  made  New  England  the  most  solidly  pros¬ 
perous  region  in  all  Christendom. 

It  was  to  the  textile  interests — to  the  making  of 
cotton  and  woolen  fabrics — that  the  New  England  at¬ 
tention  was  chiefly  turned  in  the  first  years  of  the 
factory  system,  and  these  two  interests  have  ever  since 
been  kept  pre-eminent.  The  aptitude  for  this  busi- 
less  that  was  developed,  particularly  in  Massachu¬ 
setts  and  Rhode  Island,  was  a  natural  heritage  of  Old 
England  ancestry.  Lowell.  Lawrence,  Providence 
soon  became  centres  of  large  production,  but  the  great 
towns  did  not  monopolize  the  profits  of  the  new  de¬ 
parture.  These  towns  were  fortunate  in  having  access 
to  the  cheap  carriage  of  the  sea.  Further  inland,  how¬ 
ever,  on  rivers  that  were  not  navigable,  in  valleys  that 
canals  did  not  reach,  factories,  small  but  ambitious, 
grew  up  as  if  by  magic.  For  half  a  century  and  more, 
before  the  present  magnetic  force  of  consolidation 
made  itself  felt,  these  neighborhood  industries,  each 
driven  by  a  little  stream,  employing  a  few  dozen  or 
few  score  operatives,  and  furnishing  the  lifeblood;  of 
a  hamlet  of  a  few  hundred  souls,  were  as  characteristic 
of  New  England  as  its  pine  forests  and  its  granite 
hills.  A  great  capital  was  not  then  indispensable. 
I  he  wa\  side  shop  of  some  mechanic  more  energetic 


or  more  prudent  than  his  comrades  easily  grew  into 
a  little  mill,  and  the  little  mill  into  a  greater  one. 
These  neighborhood  industries  were  usually  owned  by 
one  family,  often  by  one  individual,  seldom  by  an  im¬ 
personal  corporation.  The  head  of  the  enterprise  was 
known  by  everyone  of  his  work-people.  Relations  be¬ 
tween  employer  and  employed  were  close  and  kindly. 
The  "help"  in  the  mill  were  self-respecting  and  inde¬ 
pendent,  and  such  things  as  strikes  and  lockouts  were 
almost  unknown. 

Changing  to  Corporations. 

Of  course,  this  condition  was  too  Arcadian  to  en¬ 
dure.  The  general  growth  of  business  made  inevit¬ 
able  the  steady  substitution  of  corporate  for  individual 
ownership.  Before  the  Civil  War  New  England 
manufacturing  had  taken  on  its  distinctly  modern 
phase.  The  little  country  mills  were  not  increasing 
so  rapidly  as  the  big  mills  of  the  towns,  where  coal 
for  steam  power  was  available.  To  Lowell  and 
Lawrence  had  been  added,  in  Massachusetts,  Fall 
River  and  Taunton  and  other  towns,  in  New  Hamp¬ 
shire,  Manchester  and  Nashua,  and  in  Maine,  Saco, 
Biddeford,  Lewiston  and  Auburn.  The  manufactur¬ 
ing  of  Rhode  Island  had  spread  from  Providence  all 
over  the  area  of  the  smallest  of  the  States.  The 
leather  and  boot  and  shoe  industries,  long  almost  a 
New  England  monopoly,  had  grown  to  immense  pro¬ 
portions.  Heavy  iron  manufacture  felt  the  sharp 
competition  of  Pennsylvania,  but  the  lighter  forms  of 
iron  and  steel  fabrication  which  called  for  higher  skill 
were  going  on  with  gathering  momentum.  Worcester 
was  and  is  the  centre  of  this  noble  industry. 

Che  place  of  Hgriculturc. 

Meanwhile  the  oldest  and  most  elementary  of  human 
occupations  had  not  really  declined  in  the  New  Eng¬ 
land  States.  Agriculture  had  not  shrunk ;  it  had 
merely  changed  its  character.  Here  and  there  were 
abandoned  farms,  but  in  many  cases  they  were  farms 
that  might  wisely  have  been  abandoned  long  before. 
As  Senator  George  F.  Hoar  has  pointed  out,  the  chief 
thought  of  the  pioneer  husbandman,  as  the  settlements 
pushed  out  from  Boston  and  Plymouth  and  Ports¬ 
mouth  on  the  sea  toward  the  interior  of  the  colony, 
was  not  where  he  could  be  most  prosperous,  but  where 
he  could  be  safest.  That  is  why  so  many  gray  old 
farmhouses  are  clinging  to  the  bare  sides  of  the  New 
England  hills;  where  the  soil  is  thin  and  rocks  are 
the  only  crop  that  never  fails  to  spring  up  in  the  fur¬ 
rows  of  the  plowman.  Up  and  down  the  smooth  sur¬ 
face  of  the  valleys  ranged  the  war  parties  of  French 
and  Indians  seeking  scalps  and  plunder.  In  his  perch 
on  the  ledges  far  above  them  the  settler  was  out  of 
their  direct  path,  and  his  eagle  eye  could  discern  their 


The  Finance  and  Commerce  of  Boston  and  Nezv  England. 


coming.  For  years  after  Wolfe  and  Montcalm  died 
together  on  the  Plains  of  Abraham,  and  the  dreadful 
savages  no  longer  came  skulking  down  from  the 
northern  wilderness,  the  yeomen  still  hung  to  their 
rocky  lands  by  force  of  habit.  It  was  only  when  the 
factory  system  gave  them  a  home  market  in  every 
village  that  they  discovered  that  a  small  farm  in  the 
rich  valley  was  better  than  a  great  farm  on  the  hills. 

Instead  of  wheat  and  corn  the  New  Englander  now 
makes  his  money  out  of  milk  and  butter  and  ve^e- 

■*  <"s 


5 


ers  are  aptly  described  by  that  fine,  homely  word, 
“forehanded.  I  he  average  annual  income  of  the 
farmers  of  Massachusetts  is  said  to  he  between  nine 
hundred  and  a  thousand  dollars.  Nearly  all  of  them 
own  their  estates ;  the  rented  farm  is  still  unusual. 
Many  of  these  “forehanded”  men  are  capitalists  on  a 
small  scale.  They  are  the  depositors  of  the  savings 
banks,  or  they  have  money  loaned  out  on  judicious 
mortgages.  A  very  large  proportion  of  the  New  Eng¬ 
land  funds  that  have  gone  to  the  upbuilding  of  West- 


MASSACHUSETTS  STATE  HOUSE. 


this  building  is  the  best  example  of  the  work  of  Charles  Bulfinch,  the  original  Boston  architect,  who  did  so  much  to  im- 
prove  the  architectural  appearance  of  his  native  city.  Now,  with  its  gilded  dome,  it  is  a  conspicuous  object  in  the 
landscape,  from  any  point,  whether  from  land  or  the  harbor.  Enlargements  and  renovations  have  met  the 
increased  demands  of  years,  but  the  original  shape  and  general  appearance  have  been  consist¬ 
ently  maintained. 


tables  and  fruits.  He  finds  it  cheaper  to  buy  his  grain 
in  the  West  and  to  grow  crops  that  yield  a  greater 
profit  to  the  acre.  Vermont  has  become  the  most 
famous  of  dairying  States,  and  Massachusetts  agri¬ 
culture  of  the  modern  type  boasts  a  product  of  fifty 
million  dollars  annually.  Even  the  abandoned  farms 
are  coming  back  to  cultivation  for  at  least  their  grass 
and  hay,  or  are  returned  to  the  Assessors’  lists  as  the 
summer  homes  of  city  families.  New  England  farm- 


era.  cities  and  the  opening  of  rich  prairie  lands  has 
come  from  the  bowlder-strewn  New  England  fields 
and  pastures  that  are  the  derision  of  the  prosperous 
grangers  of  the  Dakotas  and  the  Pacific  slope. 

Thus  New  England  agriculture  has  not  been  effaced 
by  manufacturing.  The  two  interests  are  not  antago¬ 
nistic  ;  they  have  thriven  and  increased  side  by  side. 
So,  too,  with  commerce.  It  has  changed  its  form.  It 
no  longer  means  shipbuilding  and  navigation,  of  which, 


6 


The  Finance  and  Commerce  of  Boston  and  New  England. 


save  in  the  protected  coasting  trade,  there  is  indeed 
only  a  remnant  of  New  England’s  ancient  glory.  But 
never  before  were  so  many  New  England  products 
shipped  year  after  year  to  foreign  markets.  Boston, 
of  course,  is  the  great  New  England  port,  though 
Portland  has  now  climbed  to  a  respectable  place,  and 
the  statistics,  given  elsewhere,  of  the  expansion  of 
Boston’s  overseas  trade  are  fairly  eloquent. 

Hcbievement  in  JMamifactiiring. 

It  is  in  manufacturing,  however,  that  New  England 
most  conspicuously  excels.  No  people  in  the  world 
make  so  many  different  articles,  and  make  them  all  so 
well.  It  must  not  be  thought  that  the  industrial  and 
economic  energy  of  the  busy  area  between  the  St. 
Croix  River  and  Long  Island  Sound  is  altogether 
absorbed  by  textile  fabrics  and  boots  and  shoes,  though 
these  products  are  head  and  shoulders  first  in  im¬ 
portance.  It  was  New  England  that  developed  the 
first  practicable  elevator,  the  earliest  satisfactory 
machine-made  watches,  the  first  American  pianos  to 
win  critical  approval,  the  admirable  parlor  organs,  that 
now  go  all  over  the  world.  It  is  Yankee  skill  that  has 
brought  firearms  to  their  greatest  perfection.  It  is 
Yankee  workshops  that  produce  the  finest  cutlery.  It 
is  Yankee  ingenuity  that  has  shown  how  many  won¬ 
derfully  useful  things  can  be  made  out  of  the  soft, 
clean  wood  of  the  ordinary  pine  or  spruce  tree.  Until 
a  few  years  ago  a  familiar  sight  on  the  Boston  wharves 
was  the  shipping  of  a  complete  house,  all  ready  to  be 
set  up  in  far  away  Australia. 

There  arc  five  and  one-half  million  people  in  the 
six  New  England  States,  or  only  one-fourteenth  of 
the  inhabitants  of  this  great  Union.  But  they  make 
one-third  of  all  the  cotton  goods  made  in  the  United 
States,  one-third  of  all  the  woolen  and  worsted  goods, 
perhaps  one-half  of  the  first-class  boots  and  shoes. 
Maine,  with  694,000  people,  has  $123,000,000  invested 


in  manufacturing,  an  annual  product  of  $84,000,000, 
and  74,000  factory  wage-earners.  New  Hampshire, 
with  about  400,000  people,  has  $100,000,000  invested 
in  manufacturing,  an  annual  product  of  $77,000,000, 
and  70,000  factory  wage-earners.  Rhode  Island,  with 
about  as  many  people,  has  $183,000,000  invested  in 
manufacturing,  an  annual  product  of  $119,000,000, 
and  96,000  wage-earners.  Vermont,  not  usually  con¬ 
sidered  a  manufacturing  State,  has  $48,000,000  in¬ 
vested  in  manufacturing,  an  annual  product  of  $40,- 
000,000,  and  29,000  wage-earners.  Connecticut  has  a 
capital  of  $314,000,000  invested  in  manufacturing,  an 
annual  production  of  $208,000,000,  and  176,000  wage- 
earners.  Massachusetts  has  $820,000,000  invested  in 
manufacturing,  an  annual  product  of  $1,000,000,000, 
and  496,000  wage-earners  in  her  factories. 

Maine's  chief  manufactures  are  cotton  goods,  lum¬ 
ber,  paper,  woolen  goods  and  shipping.  Bath  alone 
has  launched  four  thousand  vessels  since  1781.  New 
Hampshire’s  leading  manufactures  are  cotton  goods, 
woolens,  boots  and  shoes,  lumber  and  leather ;  Ver¬ 
mont’s,  cut  stone,  butter  and  cheese,  cottons,  woolens 
and  lumber ;  Massachusetts’,  boots  and  shoes,  cotton 
goods,  woolen  and  worsted  goods,  machines  and  ma¬ 
chinery,  leather,  metals  and  metallic  goods  and  paper ; 
Rhode  Island’s,  cottons,  woolens,  jewelry,  tools  and 
machinery ;  Connecticut's,  textiles,  clocks,  watches, 
arms  and  ammunition,  sewing  machines,  hats  and 
paper. 

Every  quarter  of  the  country,  every  class  of  people, 
looks  to  New  England  for  some  product  of  mechanical 
skill,  and  this  fact  makes  New  England’s  connection 
with  every  corner  of  the  land  very  direct  and  intimate. 
It  is  seldom  indeed  in  all  human  history  that  intel¬ 
lectual  leadership  and  industrial  leadership  have  gone 
hand  in  hand ;  that  the  thinking  race  has  also  been  the 
producing  and  trading  race.  But  such  is  the  extra¬ 
ordinarily  broad  range  of  New  England’s  preremi- 


nence. 


Boston  in  proportion  to  the  population  is  the 
most  Hetive  City  on  the  Continent. 

A  CITY  OF  STRONG,  RELIABLE  FIRMS  AND  CONSERVATIVELY  MANAGED  COR- 
PORATIONS-THE  HUB  OF  THE  BUSY  REGION  FROM  THE  SEA  TO 
THE  CANADIAN  BORDER.  HER  BIG  COASTWISE  TRADE. 


^■p^OR  two  centuries  it  was  Boston’s 
V|R7/  noble  harbor,  the  most  spacious  on  the 
glpl  New  England  coast,  that  made  the  old 
4^5- >7?  Puritan  town  famous  and  prosperous. 

That  harbor  was  the  handiwork  not  of 
man  but  of  nature.  The  first  colonists 
found  this  immense  land-locked  haven  with  water  deep 
enough  to  moor  the  light  craft  of  their  day  to  the  forest 
bank.  It  was  this  great  room  and  security  which  drew 
thither  many  of  the  chief  men  of  the  Puritan  company 
that  had  first  settled  15  miles  away  at  Salem.  For  two 
hundred  years  thereafter  Boston  was  a  shipping  and 
trading  community  pure  and  simple.  The  first  wealth 
of  the  town  was  all  drawn  from  the  waters,  and  this 
maritime  impress  Boston  has  never  lost,  though  its 
great  fort  tines  in  these  later  years  have  come  rather 
out  of  railroads  and  manufacturing. 

When  New  England  half  a  century  or  more  ago 
turned  from  the  sea  to  the  mill,  it  was  the  counting- 
rooms  and  banks  of  Boston  that  furnished  most  of  the 
corporate  capital.  The  promoters  of  these  new  enter¬ 
prises  sought  abundant  water  power  and  cheap  land, 
and  for  these  things  it  was  necessary  to  go  far  away 
from  the  three  hills  overhanging  the  broad  harbor,  to 
the  swift,  deep,  fresh  streams  pouring  down  from  the 
snow-capped  northern  mountains.  But  Boston  has  al¬ 
ways  watched  with  an  eagle  eye  its  scattered  invest¬ 
ments,  and  the  factories  and  the  railroads  which  its 
money  has  controlled  have  had  their  real  headquar - 
ters  not  far  from  State  street,  d  he  Massachusetts 
laws  are  inhospitable  to  poor  and  feeble  concerns,  but 
thev  have  encouraged  strong  conservatively  managed 
corporations,  and  a  Boston  office-lias  long  been  a  kind 
of  hall  mark  of  prosperity. 

Boston  the  Center. 

The  textile,  shoe  and  leather  and  other  great  man¬ 
ufacturing  industries  of  New  England,  even  it  the  ac¬ 


tual  work  is  done  a  hundred  or  two  hundred  miles 
away,  look  to  Boston  as  the  real  centre  of  their  activ¬ 
ity.  It  is  there  that  their  material  supplies  and  ma¬ 
chinery  are  purchased  and  the  finished  products  are 
sold.  There  the  larger  brains  of  the  enterprise  are 
located.  Boston  itself  does  considerable  manufactur¬ 
ing,  but  it  directs  many  times  more  in  the  busy  region 
between  the  sea  and  the  Canadian  border.  It  is  an 
old,  thoroughly  established,  perfectly  organized  busi¬ 
ness  community.  Its  actual  growth  in  population  in  the 
last  two  decades  has  been  far  greater  than  that  of  many 
an  ambitious  western  “boom”  town.  And  yet,  for  rea¬ 
sons  which  Bostonians  understand  but  which  it  is  verv 
difficult  to  make  known  to  strangers,  this  city  never 
receives  its  just  rating  among  the  great  cities  of  the 
United  States.  It  has  never  caught  the  modern  craze 
for  the  wholesale  annexation  of  contiguous  territory. 
It  has  not  followed  the  example  of  Chicago  or  New 
York,  and  laid  its  corporate  grasp  on  all  Eastern 
Massachusetts.  The  Federal  census  of  1900  gives 
Boston  560,892  people,  and  allows  that  it  is  the  fifth 
city  in  the  United  States.  There  are,  however,  850,- 
000  persons  living  in  the  crowded  “metropolitan  dis¬ 
trict”  around  the  gilded  dome  of  the  State  House  on 
Beacon  Hill.  This  is  the  real  Boston,  the  greater 
Boston,  for  all  of  the  clustering  suburban  cities  and 
towns  are  maintained  by  the  mighty  throbbing  life  of 
the  tideswept  peninsula  on  which  the  “city  proper” 
stands. 

Boston  has  no  rival  in  New  England.  The  next 
New  England  city,  Providence,  has  only  about  one- 
third  of  her  population,  and  Worcester,  the  second 
Massachusetts  city,  only  one-fourth  or  one-fifth.  Bos¬ 
ton  is  the  political  capital,  the  money  capital,  the  mer¬ 
cantile  capital,  the  manufacturing  capital,  and  last  but 
not  least,  the  intellectual  capital,  not  only  of  Massachu¬ 
setts,  but  of  all  the  five  northerly  New  England  States. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


'8 


NEW  COURT  HOUSE.  BOSTON. 


Boston  is  the  second  seaport  in  the  Union,  the 
greatest  shoe  and  leather  market  and  the  greatest 
wool  market.  In  proportion  to  its  population  Boston 
is  the  most  active  city  commercially  on  this  conti¬ 
nent.  It  conducts  about  one-tenth  of  the  overseas 
traffic  of  the  United  States,  and  its  coastwise  trade 
with  other  American  ports  near  and  far  is  enormous. 

H  Constant  Growth. 

Moreover,  Boston’s  pre-eminence  is  swiftly  strength¬ 
ening.  The  imports  and  domestic  exports  of  Bos¬ 
ton  during  1900  were  the  greatest  in  the  history  of  the 
city,  amounting  to  $192,608,536.  In  the  same  year 
Philadelphia's  commerce  was  $130,518,940,  Balti¬ 
more’s  $131,150,644,  New  Orleans'  $163,126,806,  and 
San  Francisco’s$77,343,269.  Thus  Boston  leads  all 
of  her  sister  cities,  save  the  giant  metropolis,  by  a 
very  broad  and  handsome  margin. 

The  exports  of  Boston  in  1900  were  valued  at  $123,- 
867,754.  Provisions,  including  animals,  represented 
$52,655,983  of  these  shipments  of  American  merchan¬ 
dise  to  foreign  markets;  breadstuffs,  $25,000,618;  cot¬ 
ton  and  manufactures.  $16,683,771  ;  leather  and  manu¬ 
factures,  $10,603,544;  iron  and  steel  and  manufac¬ 
tures.  $5,327,384. 

The  imports  of  Boston  in  1900  were  valued  at  $68,- 
740,782,  of  which  $11,278,258  represented  wool  and 
manufactures  of  wool,  $8,658,008  represented  fibres, 
$8,000,225  sugar,  $6,913,819  hides  and  skins,  $5,266,- 


021  cotton  and  manufactures,  $3,576,999  chemicals, 
$4,263,249  iron  and  steel  manufactures,  and  $3,230,427 
leather  and  manufactures. 

Because  winter  closes  the  St.  Lawrence,  and  Bos¬ 
ton's  railway  facilities  are  so  admirable,  our  city  han¬ 
dles  a  considerable  portion  of  the  trade  of  the  Domin¬ 
ion  of  Canada.  This  is  not  included  in  the  figures 
which  have  been  given.  In  1900  there  were  entered 
at  Boston  for  transshipment  to  foreign  countries, 
chiefly  Canada,  imports  valued  at  $5,827,788,  and  there 
were  received  from  Canada  and  exported  via  Boston 
goods  to  the  value  of  $4,398,3 1  1 .  With  these  addi¬ 
tions  the  total  foreign  trade  of  the  port  of  Boston 
during  1900  rose  to  a  value  of  $202,834,635 — this  not 
including  $2,091,403  of  goods  received  at  Boston  and 
forwarded  to  the  interior  without  appraisement. 

Significant  figures. 

Boston  in  1900  had  365  steamship  sailings,  one  a 
day,  for  European  ports,  151  of  these  for  Liverpool. 
In  all,  1667  ships  entered  from  foreign  ports  of  a  total 
tonnage  of  2,265,031,  and  1618  ships  cleared  for  for¬ 
eign  ports  of  a  total  tonnage  of  1,977,410.  Boston  has 
four  first-class  lines  of  steamships  to  Liverpool,  three 
of  them  carrying  cabin  and  steerage  passengers ;  two 
first-class  lines  to  London,  a  line  to  Glasgow,  a  line 
to  Bristol,  a  line  to  Copenhagen,  a  line  to  Hamburg, 
a  line  to  Holland  and  a  winter  line  to  the  Mediterrane¬ 
an.  Fruit  steamers  ply  regularly  from  Spanish  and 


The  Finance  and  Commerce  of  Boston  and  New  England. 


9 


Italian  ports,  and  steamships  do  much  of  Boston’s 
carrying  from  the  West  Indies  and  the  East  Indies. 
All  of  these  steamship  enterprises  in  the  foreign  trade 
are  conducted  under  foreign  flags,  however,  save  one, 
the  new  “Admiral”  line  of  the  United  Fruit  Company 
from  Boston  to  Jamaica,  which  has  been  established 
under  the  provisions  of  the  Postal  Aid  Law  of  1891, 
receiving  a  subsidy  for  carrying  the  United  States 
mails. 

Of  late  years  the  cabin  passenger  traffic  out  of  Bos¬ 
ton  to  Europe  has  reached  large  proportions.  Ten 
years  ago  only  six  or  seven  thousand  travelers  left 
and  entered  Boston  for  and  from  these  overseas 
countries.  But  the  introduction  of  new,  larger  and 
faster  steamers  by  the  Cunard,  Dominion  and  Lev- 
land  lines  has  showed  New  England  people  that  thev 
need  not  go  to  New  York  to  secure  first-class  cabin 
passage  for  Europe.  In  1898  the  cabin  passengers  ar¬ 
riving  at  and  leaving  this  port  in  the  transatlantic 
trade  numbered  10,202,  in  1899  13,934,  and  in  1900 
15.328. 

Big  Coastwise  Crade. 

But,  after  all,  by  far  the  greater  part  of  Boston’s 
seaborne  commerce  is  with  our  own  ports  of  the 
United  States.  This  coastwise  commerce  is  conducted 
as  a  rule  in  smaller  vessels,  but  there  are  many  more 
of  them.  There  were  in  1900  10,436  arrivals,  in  Bos¬ 
ton  from  American  ports,  these  vessels  having  an  ag¬ 
gregate  estimated  tonnage  of  8,244,860.  The  outward 
voyages  would  give  Boston  a  total  tonnage  of  16,- 
489,720  in  the  coastwise  trade;  of  nearly  four  times 
the  total  tonnage  of  arrivals  and  clearances — 4,242,- 
441 — in  our  foreign  commerce. 

These  statistics  on  their  face  make  Boston's  a  pre¬ 
eminent  position  in  domestic  ocean  trade,  New  York's 
domestic  tonnage  in  1900  being  estimated  ai  14,245,- 
280,  Philadelphia  at  7,249,040,  Baltimore's  at  4,879,040 
and  New  Orleans’  at  1,258,050. 

Boston  has  admirable  coastwise  steam  lines  carrv- 
ing  as  a  rule  both  passengers  and  freight,  not  only 
to  the  nearby  New  England  ports  of  Portland,  Bath 
and  Bangor,  and  to  the  maritime  Canadian  cities  of 
St.  John,  Yarmouth  and  Halifax,  but  to  New  York, 
Philadelphia,  Norfolk,  Baltimore,  Charleston,  Bruns¬ 
wick,  Savannah  and  Jacksonville. 

American  steamers  also  bring  cotton  in  large  quan¬ 
tities  from  Galveston.  The  coal  trade  from  Philadel¬ 
phia,  Baltimore,  Newport  News  and  Norfolk  to  Bos¬ 
ton  employs  a  great  fleet  of  steamships,  ocean  tug¬ 
boats,  towing  barges  and  capacious  three,  four,  five 
and  six  masted  schooners.  Boston  receives  vast 
quantities  of  both  anthracite  and  bituminous  coal, 
not  only  for  its  own  needs,  but  for  the  other  manu¬ 
facturing  cities  and  towns  of  northern  New  England. 
There  is  a  large  import  trade  in  sugar  from  the  West 


and  East  Indies  and  an  import  trade  in  sugar,  hides  and 
wool  from  South  America.  These  vessels  go  back  to 
the  Southern  ports  laden  with  lumber,  cooperage,  fish, 
provisions  of  many  kinds,  and  all  sorts  of  manufac¬ 
tures.  But  Boston  lacks  a  regular  steamship  line  to 
Central  and  South  America,  though  this  need  is  des¬ 
tined  soon  to  be  supplied. 

Important  fishing  port. 

As  a  fishing  port,  it  is  true,  though  it  is  not  gener 
ally  known,  that  Boston  is  second  only  to  Gloucester. 
There  were  received  at  Boston  during  1900,  17,717,- 
650  pounds  of  fresh  and  131,000  pounds  of  salted 
codfish,  916,800  pounds  of  cusk,  28,235,850  pounds  of 
haddock,  6,917,100  pounds  of  hake,  1,173,500  pounds 
of  pollock,  1,588,150  pounds  of  halibut  fresh  and  180,- 
000  pounds  salted,  4,019,362  pounds  of  mackerel  fresh 
and  1,404,300  salted,  and  enough  other  fish,  fresh  and 
salt,  to  bring  the  grand  total  of  Boston’s  fishery  re¬ 
ceipts  up  to  66,820,912  pounds,  valued  at  $1,598,506. 
As  a  fresh  fish  market  Boston  is  ahead  of  Gloucester, 
receiving  63,647,812  pounds  in  1900  as  compared  with 
43,535,583  pounds  brought  into  the  famous  Cape  Ann 
port. 

The  products  of  the  far  West  make  up  the  greater 
part  of  Boston’s  shipments  of  merchandise  to  foreign 
countries.  Of  the  99,000,000  bushels  of  wheat  ex¬ 
ported  in  1900  from  all  the  United  States,  11,925,415 
bushels  went  out  of  .Boston.  Of  flour  the  receipts  of 
Boston  were  2,594.854  barrels,  and  the  exports  abroad 
were  1,606,016. 

Though  Boston’s  chief  interest  is  in  manufactur¬ 
ing  elsewhere  in  New  England  or  in  commerce  over¬ 
seas  or  up  and  down  the  coast,  the  city  has  a  great 
amount  of  varied  manufactures  of  its  own.  There  are 
5543  manufacturing  establishments  in  Boston,  accord¬ 
ing  to  the  State  census  of  1895,  with  a  total  capital  of 
$77,064, 107  and  an  annual  product  of  $165,774,080. 
These  manufacturing  establishments  employ  57',Q8 
hands,  and  disburse  in  wages  annually  $30,925,835. 
Food  preparations  are  the  greatest  single  industry  in 
the  value  of  the  product — $32,072,204.  Then  conies 
clothing,  with  $23, 1 78,388;  building  with  $20,2 11,121; 
printing,  publishing  and  bookbinding,  $15,516,278; 
liquors,  malt,  distilled  and  fermented,  $10,186,255; 
machines  and  machinery,  $7,613,771  ;  metals  and  me¬ 
tallic  goods,  $6,429,654;  furniture,  $4,405,187. 

Ships  Owned  at  Rome. 

Although  nine-tenths  of  its  commerce  is  carried  in 
foreign  ships,  Boston  is  one  of  the  great  ship-owning 
ports  in  the  country.  Most  of  its  vessels  are  engaged 
in  coastwise  trade,  but  there  is  a  considerable  fleet  of 
Boston  sailing  craft  in  overseas  voyaging.  Out  of 
the  640  merchant  vessels  owned  in  Massachusetts,  ac¬ 
cording  to  the  last  State  census — with  a  valuation  of 
$12,220,132 — Boston  owns  290  vessels,  including  42 


IO 


The  Finance  and  Commerce  of  Boston  and  New  England. 


s'teamers,  9  ships,  21  barques,  12  brigs  and  145 
schooners.  The  greater  part  of  these  vessels,  as  has 
been  said,  are  employed  in  domestic  coastwise  traf¬ 
fic,  but  some  of  them  run  to  British  America,  the 
West  Indies,  Mexico,  South  America,  Africa,  Asia 
and  the  Pacific  islands.  Boston’s  ships  earn  about 
$6,000,000  a  year,  approximately  five-sixths  of  this 
being  from  freight  and  one-sixth  from  passengers. 

The  chief  items  of  export  from  Boston  in  1899  were 
cattle,  valued  at  $9,314,421 — the  largest  valuation  ship¬ 
ped  from  any  American  port — corn  valued  at  $6,071,- 
879  ;  oats  valued  at  $1,905,373  ;  wheat  valued  at  $10,- 
575, 51?:  wheat  flour,  $7,648,623;  raw  cotton,  $12,- 
428,557;  manufactures  of  cotton,  $1,013,329;  metal 
workings  $451,714;  shoe  machinery,  $694,224;  elec¬ 
trical  machinery,  $256,492;  pumps  and  pumping  ma¬ 
chinery,  $217,467,  and  miscellaneous  machinery, 
$534,066;  leather,  $9,734,052;  manufactures  of  leath¬ 
er,  $368,713;  printing  paper,  $504,994;  fresh  beef, 
$10,723,447;  bacon  and  hams,  $22,922,065;  pork,  $4,- 
551,425;  lard,  $8,145,166;  unmanufactured  tobacco, 
$574,037;  lumber,  $905,770;  furniture,  $475,834; 
other  manufactures  of  wood,  $765,764. 

These  figures  illustrate  the  wide  range  of  Boston’s 
foreign  trade.  New  England  manufacturing  is  well 
represented,  but  the  bulk  of  Boston’s  exports  is  com¬ 
posed,  after  all,  of  the  products  of  the  grain  fields  and 
the  cattle  ranges  of  the  West  and  of  the  cotton  fields  of 
the  far  South.  These  products  are  brought  to  the 
New  England  port  by  a  noble  system  of  railroad  lines 
supplemented  by  the  coastwise  steamers.  Boston  has 
direct  connection  with  the  West  by  the  Boston  &  Al¬ 
bany  road,  now  a  part  of  the  great  New  York  Central 
service,  and  by  the  Boston  &  Maine,  which  includes 
the  Fitchburg  Railroad,  or  the  Hoosic  Tunnel  route. 
The  Boston  &  Maine  enjoys  close  relations  with  the 
Grand  Trunk  Railway  of  Canada.  These  wide-spread¬ 
ing  railway  lines  to  the  north  and  west  of  Boston  are 
rounded  out  to  the  southward  by  the  New  York,  New 
Haven  &  Hartford,  which  gives  Boston  access  to 
Rhode  Island  and  Connecticut  and  provides  a  short 
line  to  New  York  City.  Boston’s  railway  system  is 
therefore,  in  the  hands  of  three  progressive  and  pow¬ 
erful  corporations,  which  equitably  divide  the  field, 
and  yet  are  competitors  with  each  other  for  certain 
kinds  of  business. 

Benefits  of  Consolidation. 

This  consolidation  of  the  manv  old  and  weaker  lines 


into  the  three  great  companies  has  proved  altogether 
advantageous.  Boston’s  domestic  and  foreign  trade 
has  prospered  in  the  past  year  or  two  as  never  before. 
The  present  urgent  need  is  for  enlarged  terminal  fa¬ 
cilities  and  a  deeper  and  broader  ship  channel  for  the 
harbor.  Steamers  600  feet  long,  drawing  30  feet  of 
water,  now  enter  and  leave  Boston  regularly  all  the 
year  round.  The  natural  channel  that  served  the  de¬ 
mands  of  commerce  very  handsomely  for  many  years 
is  inadequate  for  these  steel  monsters.  A  new  alter¬ 
native  channel  via  Broad  Sound  is  now  being  dredged 
to  a  depth  of  30  feet,  and  the  next  step  is  to  create 
a  new  channel  35  feet  deep  and  from  1,200  to  1,500 
feet  wide,  from  the  Charlestown  and  Chelsea  Bridge 
to  the  sea.  An  appropriation  of  $3,600,000  for  this 
important  work  is  confidently  expected  from  the  pres¬ 
ent  Congress. 

There  is  every  prospect,  therefore,  that  Boston  in 
the  twentieth  century  will  hold  its  own  as  the  second 
commercial  city  of  America.  One  new  and  especially 
gratifying  development  is  a  revival  of  Boston  interest 
in  ship-building  and  ship-owning.  There  has  latelv 
been  established  on  the  Weymouth  Fore  River,  an 
arm  of  Boston  Harbor,  a  great  steel  shipyard  abun¬ 
dantly  equipped  with  the  newest  and  best  machinery 
for  the  construction  of  the  heaviest  battleship  or  the 
largest  merchantman.  There  two  of  the  most  formid¬ 
able  armorclads  of  the  United  States  navy  are  now 
building,  together  with  a  steel  seven-masted  schooner 
that  is  understood  to  be  the  largest  sailing  vessel  in 
existence.  Moreover,  the  Boston  Steamship  Com¬ 
pany,  a  newly  formed  organization  of  Boston  capital¬ 
ists,  has  just  launched  in  Maryland  the  first  of  two  im¬ 
mense  cargo  steamships  for  the  foreign  trade.  These 
two  vessels  will  be  the  nucleus  of  a  large  Boston  fleet 
of  mercantile  steamers  if  favorable  legislation  is  pro¬ 
cured  from  Congress. 

Every  important  Boston  trade  and  industry  is  facing 
the  future  with  buoyant  expectations.  Those  who 
count  Boston  “slow”  do  not  know  the  New  England 
capital.  Her  merchants  waste  no  breath  in  bragging. 
They  are  not  much  given  to  the  chasing  of  speculat¬ 
ive  rainbows.  But  they  have  the  courage  of  high 
intelligence,  the  enterprise  that  is  born  of  clear-head¬ 
ed  thinking  and  a  perseverance  fitly  matching  that 
of  their  bold  forefathers,  whose  keels  furrowed  everv 
sea  and  brought  tribute  from  every  market  in  the 
world. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


; 


BOSTON’S  CITY  HALL. 


Though  this  is  a  comparatively  modern  building  ( completed  in  1865)  and  planned  on  a  liberal  scale  for  those  tunes,  it 
early  outgrown,  and  many  of  the  city  departments  find  accommodation  in  other  buildings.  Its  exterior  is  white  Con¬ 
cord  granite,  and  the  style  the  Italian  Renaissance,  with  modifications  suggested  in  modern  J  rencli  work. 


was 


In  the  field  of  the  financial  Interests,  Boston 
Commands  the  Respect  of  the  Country, 

and  the  Slorld. 

GOOD  BUSINESS  JUDGMENT  THOROUGHLY  INTERWOVEN  IN  HER  UNDER 
TAKINGS-A  PROUD  RECORD  OF  INFLUENCE— A  CITY  OF  ORGAN¬ 
IZERS,  DEVELOPERS  AND  DIRECTORS— CAPITAL 
AND  HIGH  CREDIT  FOR  ENTERPRISES. 

,*? 


IF  one  were  to  emphasize  the  old  adage, 
“Knowledge  is  Power,”  so  that  it  would 
read  “Money  is  Power,”  Boston,  which  has 
>  always  possessed  an  abundance  of  both, 
could  certainly  lay  claim  to  a  power  almost 
beyond  measurement. 

A  great  financier,  who,  in  his  day,  took  a  most  im¬ 
portant  part  in  the  development  of  the  Western  portion 
of  the  country,  made  the  somewhat  suggestive  and 
significant  remark  upon  a  certain  occasion  that  there 
was  hardly  an  acre  of  land  beyond  the  Mississippi 
River,  hardly  a  mining  proposition  of  any  importance 
or  a  railroad  line  that  had  reached  any  degree  of 
successful  development  that  did  not  bear  the  impress 
of  Boston  money  either  directly  or  indirectly.  No 
truer  utterance?  was  ever  made.  It  is  indeed  a  fact 
that  Boston  capital  has  done  more  for  the  substantial 
upbuilding  of  the  Tinted  States  along  industrial,  rail¬ 
road,  agricultural  and  mining  lines  than  any  other 
municipality  within  its  confines. 

Boston  may  be.  as  it  is  claimed,  second  in  rank  to¬ 
day  as  a  financial  centre.  It  may  be  true,  also,  that 
many  of  the  so-called  progressive  Western  commu¬ 
nities  look  upon  Boston — the  “Athens  of  America,” 
and  theoretically,  at  least,  “the  Hub  of  the  Universe” 
— as  having  had  “its  day.”  It  may  be  equally  true  that 
some  of  the  characteristics  attaching  to  Boston  peo¬ 
ple  may  so  savor  of  conservatism  as  to  be  seemingly 
slow  to  the  more  aggressive  and  more  venturesome 
methods  of  the  relatively  new  Western  country.  But 
it  is  to  be  remembered,  none  the  less,  that  the  influ¬ 
ence  of  Boston  conservatism,  the  influence  of  the  strong 
and  protective  corporation  laws  of  Massachusetts,  and 


the  influence  of  the  policy  of  integrity  and  good  busi¬ 
ness  judgment  that  belongs  to  this  entire  section,  is 
still  so  thoroughly  interwoven  in  the  enterprises  that 
have  been  built  up  by  Boston  capital  that  these  things 
all  still  command  the  highest  degree  of  respect  from 
those  who  are  seeking  the  benefits  to  come  from  a 
clean  and  sound  policy  of  action.  It  may  also  be  well 
added  that,  even  at  this  late  day,  when  many  Boston 
capitalists  have  laid  aside  the  burdens  attaching  to 
the  responsibility  of  organizing,  developing  and  di¬ 
recting,  these  same  people  who  are  accustomed  to  be¬ 
little  the  power  of  Boston  and  its  far-reaching  influ¬ 
ence,  come  to  these  very  men  whenever  they  are  look¬ 
ing  for  capital  and  high  credit  for  their  enterprises. 

H  proud  Record  of  Influence. 

Boston’s  financial  history,  both  as  regards  its  bank¬ 
ing  institutions  and  its  speculative  interests,  makes  a 
record  of  which  any  municipality  may  well  be  proud. 
The  Nickersons,  the  Thayers,  the  Peabodys,  Forbes, 
Ilunnewells,  Coolidges,  and  others  of  like  standing, 
who  in  the  early  days  of  Boston’s  financial  develop¬ 
ment,  by  industry,  integrity  and  earnest  effort,  cou¬ 
pled  with  a  wise  and  sagacious  business  judgment, 
planned  and  executed,  when  seemingly  insurmount¬ 
able  obstacles  obstructed  in  every  direction,  so  that 
the  results  which  followed  were  of  a  substantial  and 
lasting  character,  not  only  built  fortunes  for  them¬ 
selves,  but  they  established,  as  well,  investments  which 
have  since  added  materially  to  Boston’s  wealth,  and 
at  the  same  time  have  done  very  much  in  winning 
for  Boston  its  exceedingly  high  reputation  as  a  cen¬ 
tre  of  financial  power  and  influence. 


I 


The  Finance  and  Commerce  of  Boston  and  New  England. 


13 


Boston  is,  it  is  true,  conservative.  This  is  an  ele¬ 
ment  entering  into  the  Bostonian’s  character  that  has 
been  most  potent  in  influencing  action  and  in  accom¬ 
plishing  splendid  results.  It  is  this  same  conservativ- 
ism,  accompanied  by  an  indomitable  energy,  that  has 
established  for  the  metropolis  of  New  England  a  fin¬ 
ancial  standing  which  is  unsurpassed  by  any  country 
on  the  face  of  the  earth.  And  why,  therefore,  should 
Boston  people  not  be  proud  of  a  record  of  this  sort  ? 
Wherever  the  Boston  capitalist  has  directed  his  atten¬ 
tion  and  bent  his  efforts,  success  has  almost  invar¬ 
iably  been  achieved. 

Vbc  Banks. 

STRONG,  RICH  AND  CONSERVATIVELY 
MANAGED. 

I11  no  direction  perhaps  does  the  influence  of  large 
capitalists  centered  in  and  around  Boston  make  itself 
more  manifest  than  in  the  great  national  banks  of  the 
city.  Indeed,  the  bank  history  of  Boston  is  more  than 
ordinarily  interesting.  It  is  a  history  that  covers  a  pe¬ 
riod  of  nearly  125  years.  In  the  present  Massachusetts 
National  Bank  is  to  be  found  the  beginning  of  Bos¬ 
ton’s  national  bank  operations.  This  bank  was  the  se¬ 
cond  organized  in  the  United  States  under  its  inde¬ 
pendent  form  of  government.  It  was  early  in  1782 
that  the  famous  Bank  of  North  America  in  Phila¬ 
delphia,  which  had  been  started  by  Congress  the  year 
before,  commenced  business,  and  only  two  years  later 
the  Massachusetts,  organized  on  the  same  lines  with  a 
capital  of  only  $253,000,  started  in  to  establish  a  busi¬ 
ness  which  has  since  grown  to  enormous  propor¬ 
tions.  In  the  early  days  of  banking  it  was  no  easy 
matter  to  establish  a  bank  credit  among  the  peo¬ 
ple.  Various  methods  were  adopted  which,  in  our 
time,  would  be  amusing  to  say  the  least.  Continental 
money  experience  was  still  fresh  in  the  minds  of  the 
people.  When  these  new  banks  adopted  a  specie  basis 
to  convert  bills  into  coin  great  difficulty  was  encoun¬ 
tered  in  giving  credit  to  their  notes.  The  people 
somehow  could  not  be  made  to  believe  that  the  bank 
had  coin  or  could  redeem  its  bills  on  time.  I  he  bank, 
therefore,  frequently  employed  persons  to  go  about 
town  to  get  silver  in  exchange  for  its  notes.  It  made 
a  great  public  display  of  its  specie  during  banking 
hours,  kept  men  raising  and  lowering  boxes  supposed 
to  contain  coin  from  bank  room  to  cellar,  and  vice 
versa,  and  it  called  into  service  other  like  expedients. 

The  Massachusetts  Bank,  besides  being  the  second 
established  in  the  United  States,  was  the  first  in  New 
England,  and,  as  already  noted,  is  still  in  an  excellent 
condition.  The  L  nion  Bank  was  the  second  in  Mas¬ 
sachusetts,  being  started  in  I792-  Its  inauguration 
was  attended  with  much  opposition  by  the  old  Massa¬ 
chusetts  Bank  people  and  their  friends,  on  the  ground 


that  a  second  bank  was  not  needed.  This  bank  passed 
its  centennial  anniversary  some  ten  years  ago. 

If  our  forefathers  had  looked  forward  to  the  time 
when  Boston  should  possess  61  banks  with  an  enor¬ 
mous  capital,  with  business  done  by  the  millions  every 
day,  they  would  simply  have  marveled  at  the  progress 
of  the  times.  And  yet  out  of  these  small  beginnings 
came  in  the  course  of  years,  as  commerce  and  busi¬ 
ness  increased  and  as  banking  demands  expanded,  a 
development  that  far  surpassed  the  dreams  of  the  most 
sanguine  of  a  century  ago. 

Not  until  1898,  when  the  rapid  expansion  had  gone 
forward  steadily  for  so  many  years,  was  any  halt  called. 

Then  it  was  that  a  svndieate  of  bankers,  recogniz- 
ing  the  fact  that  the  city's  banking  business  had  out¬ 
grown  the  requirements  of  the  commercial  demands, 
proceeded  to  liquidate  nine  of  the  smaller  institutions. 
The  process  of  liquidation  has  gone  on  ever  since  at 
intervals — and  quite  rapidly  during  the  past  few 
months — until  banking  capital  now  invested  has  been 
reduced  from  over  $50,000,000  to  $33,250,000.  And 
this,  too,  has  come  about  within  three  years,  and 
without  causing  the  least  disturbance  to  the  financial 
interests  of  the  city  and  those  allied  to  it.  The  banks 
doing  business  in  Boston  when  the  last  Comptroller's 
call  was  made,  show  an  aggregate  surplus,  accoiding 
to  those  last  returns,  of  $13,789,400  and  undivided 
profits  of  $6,731,148.91.  This  same  showing  summar¬ 
ized  gives  the  list  of  banks  and  their  standing,  as  of 


Dec.  10,  1901, 

as  below : 

Surplus. 

Undivided 

Hank. 

Capital. 

Profits, 

American  .  . 

$200,000 

$1,289  91 

Atlantic  .  . . 

750,000 

$300,000 

35-178  27 

Atlas  . 

1,500,000 

400,000 

170,729  21 

Boylston 

700,000 

200,000 

58759  89 

Bunker  Hill 

500,000 

35°, 000 

90,146  52 

Central 

500,000 

100,000 

122,475  OO 

Colonial 

1 ,000,000 

500,000 

7T311  W 

Commerce  . 

1,500,000 

300,000 

499,422  93 

Commercial 

250,000 

100,000 

15,729  14 

Eliot  . 

1 ,000,000 

500,000 

295,31966 

Exchange  ..  . 

1 ,000,000 

400,000 

207,238  36 

Faneuil  Hall. 

1 ,000,000 

300,000 

203,266  27 

First  Nat’l  . 

1 ,000,000 

900,000 

97353  00 

First  Ward. 

200,000 

100,000 

47,14386 

Fourth  Nat'l 

750.000 

1 50,000 

143,057  64 

Freemans  .  . 

500,000 

1 30,000 

36758  45 

Hamilton  .  . 

500,000 

13,400 

33427  57 

*Hide  &Le'r 

1 ,000,000 

300,000 

111,30931 

Market  .... 

250,000 

50,000 

65,16398 

Massachu'ts 

800,000 

75,000 

34.857  °7 

Mechanics’  . 

250,000 

1  00,000 

27,286  71 

Merchants’  . 

3,000,000 

1 ,500,000 

892,692  98 

Metropolit'n . 

500,000 

100,000 

63,398  24 

Monument  . 

1 50,000 

1 50,000 

14,616  23 

Mt.  Vernon. 

200,000 

40,000 

7,003  24 

New  Engl’d. 

1 ,000,000 

600,000 

131,802  72 

Old  Boston. 

900,000 

200,000 

23703  69 

People’s  .  . 

300,000 

I 20,000 

18,733  27 

Redemption 

2,000,000 

400,000 

244,182  40 

14 


The  Finance  and  Commerce  of  Boston  and  New  England. 


Republic 

1,500,000 

750,000 

483749  74 

Rockland  .  . 

300,000 

1 50,000 

77,483  07 

Second  Nat'l 

1,600,000 

1,000,000 

303,186  20 

Security  .  .  . 

250,000 

200,000 

444AI7  37 

fShawmut 

3,000,000 

1 ,500,000 

675,306  62 

South  End.  . 

200,000 

1 1 ,000 

1 ,088  00 

:;State  . 

2,000,000 

400,000 

300,482  38 

^Suffolk  .  .  . 

1 ,000,000 

300,000 

157,01644 

Union  . 

1 ,000,000 

400,000 

381.373  59 

$  Washington 

750,000 

250,000 

138,871  22 

W ebster  .  . . 

1 ,000,000 

250,000 

138,55800 

Winthrop  .  . 

300,000 

200,000 

165,05655 

Totals 

$36,100,000 

$13,789,400 

$6,731,148  98 

The  present  invested  banking  capital  in  the  31  banks 
out  of  the  existing  39  included  in  the  Clearing  House 
Association,  is  $33,250,000. 

Only  seven  of  the  Boston  banks  are  outside  of  its 
Clearing  House  Association. 

The  absorption  of  banks  and  the  bank  consolida¬ 
tion  movement  that  has  in  recent  years  been  under 
way,  and  that  has  placed  the  Shawmut  National  pre¬ 
eminently  at  the  head  of  Boston's  banks,  has  been 
accomplished  judiciously  and  in  a  generally  satisfac¬ 
tory  manner.  In  their  alphabetical  order,  and  with 
the  respective  dates  of  their  incorporation,  the  na¬ 
tional  banks  of  Boston  that  have  gone  out  of  business 
since  1898  for  various  reasons  are  as  follows: 

Blackstone,  1851;  Broadway,  1853;  Boston,  1853; 
Columbian,  1822;  Commonwealth,  1871;  Continent¬ 
al,  i860:  Eagle — the  original  bank — 1822:  Everett, 
1865:  Globe,  1824;  Hamilton,  1832;  Hide  and  Leath¬ 
er,  1857;  Howard,  1858;  Lincoln,  1881;  Manufactur¬ 
ers’,  1873;  Market,  1832:  North,  1825:  North  Ameri¬ 
ca,  1850:  Revere,  1850:  State,  1811;  Washington, 
1825;  Shawmut,  1836 — the  original  bank;  Shoe  and 
Leather,  1836;  Suffolk,  1818;  Tremont,  1841;  and 
Third,  1863.  The  new  banks  that  have  come  into  ex¬ 
istence  during  this  same  period  are  the  American,  Co¬ 
lonial,  Hamilton,  Shawmut  and  the  new  Suffolk. 

The  above  record  of  capitalization,  surplus  and  un¬ 
divided  profits  ranks  second  only  with  the  high  rec¬ 
ord  figures  of  all  other  cities  in  the  country,  New 
York  alone  surpassing  us  as  a  banking  center.  The 
liquidation  and  absorption  movement  is  still  in  prog¬ 
ress  to  a  certain  degree,  and  there  are  still  plenty  of 
hank  people  in  Boston  who  believe  that  before  it  has 
been  worked  out  to  its  full,  the  number  of  banks  will  be 
reduced  to  25,  and  possibly  to  20. 

In  this  connection  it  may  be  noted  that  the  busi¬ 
ness  of  a  community  of  large  proportions  is  usually 
well  measured  by  the  size  of  its  bank  clearances,  and 

*The  Hide  and  Leather  Bank  has  been  absorbed  by  the 
State  National,  which  has  taken  the  Commonwealth  Bank’s  old 
quarters. 

f  The  capital  of  the  Shawmut  Bank  has  recently  been  increased 
to  $8,500,000,  its  surplus  to  about  $2,000,000,  and  its  undivided 
profits  to  about  $725,000. 

f  Liquidated  and  its  business  turned  over  to  the  new  Nation¬ 
al  Suffolk  Bank  with  a  capital  of  $1,500,000. 


they  represent  not  only  the  mercantile  and  commer¬ 
cial  capacity,  but  the  investment  and  speculative  bus¬ 
iness  as  well.  Last  year’s  record  of  the  Boston  Clear¬ 
ing  House  was  by  all  odds  the  best  in  its  history,  a 
history  that  covers  a  period  of  over  75  years'  active 
operations.  The  aggregate  clearances  for  the  year 
1901  aggregated  $7,191,685,071,  as  against  $6,180,- 
308,447  for  1900,  a  gain  for  the  year  of  $1,011,376,624. 
Lor  this  same -period  the  balances  aggregated  $610.- 
980,351,  as  against  $558,895,022  for  the  previous  year, 
an  increase  of  $61,085,329.  These  figures  show  a  vol¬ 
ume  of  business  more  than  double — indeed,  nearly 
three  times — the  amount  that  was  transacted  a  dozen 
years  ago,  and  clearly  count  as  a  barometer  of  the 
course  of  general  business  in  Boston  trade  and  finan¬ 
cial  circles. 

An  important  feature  of  Boston  and  New  England’s 
financial  interests  is  its  savings  institutions,  of  which 
there  are  18  in  the  city  itself  and  186  within  the  State. 
Nothing  more  clearly  marks  the  frugality,  prosperity 
and  wisdom  of  the  people  than  a  good  showing  by 
its  savings  banks,  and  it  is  doubtful  if  a  better  one  is 
to  be  found  in  any  portion  of  the  country  than  that 
shown  by  these  institutions  here  in  Boston.  Accord¬ 
ing  to  the  official  statistics  at  hand,  money  deposited 
in  these  banks  has  drawn  an  average  rate  of  interest 
for  the  past  fiscal  year  of  3.75  per  cent.,  or  a  trifle 
less  than  that  paid  in  1900.  Through  these  savings 
banks  there  is  a  very  large  class  of  people  in  Boston, 
as  is  true  of  every  community,  who  are  offered  ex¬ 
ceptionally  good  opportunities  for  the  secure  deposit 
of  surplus  money  which  can  be  easily  obtained  when 
desired,  and  which,  at  the  same  time,  return,  as  in¬ 
vestments  now  go,  a  fairly  profitable  income.  The 
list  of  Boston  savings  banks,  together  with  their  de¬ 
posits,  as  of  Oct.  31,  1901,  is  as  follows: 


Name  of  Bank. 


Deposits, 
Oct.  31,  1901. 


Boston  Live  Cents  Savings  Bank . $27-575’919  37 

Boston  Penny  Savings  Bank .  2,778,207  98 

Brighton  Live  Cents  Savings  Bank..  1,173,451.18 
Charlestown  Live  Cents  Savings  Bank  6,561,52760 

Dorchester  Savings  Bank .  208,17746 

East  Boston  Savings  Bank .  3,587,320  34 

Eliot  Live  Cents  Savings  Bank .  4,775,211  12 

Franklin  Savings  Bank  .  10,807,95521 

Home  Savings  Bank .  8,265,64744 

Institution  for  Savings  in  Roxburv.  . .  .  8,056,783  16 

North  End  Savings  Bank .  3,485,661  67 

Provident  Institution  for  Savings .  39,662,531  73 

South  Boston  Savings  Bank .  4,571,46232 

Suffolk  Savings  Bank  for  Seamen  and 

Others  .  31,721,85341 

Sumner  Savings  Bank  .  234,31388 

Union  Institution  for  Savings .  6,667,467  27 

Warren  Institution  for  Savings .  9,793,05095 

Wildey  Savings  Bank  .  2,882,466  22 


Total 


$172,809,008  31 


The  Finance  and  Commerce  of  Boston  and  New  England. 


15 


This  is  an  increase  of  $6,007,452.90  for  a  single 
year,  and  of  $50,514,220.08  within  a  period  of  eight 
years.  In  this  connection  it  may  be  interesting  to 
note  the  fact  that  the  186  savings  banks  within  the 
limits  of  the  State  of  Massachusetts  held  on  October 
3b  1901.  assets  aggregating  $596,094,801,  as  against 


Central  National  Bank. — For  nearly  forty  years 
the  Central  National  Bank  of  Boston  has  held  a 
prominent  position  among  the  banking  institutions 
of  New  England,  and  particularly  of  this  city. 
Located  as  it  is  at  1 4 1  Devonshire  street,  it  is  situ¬ 
ated  in  the  heart  of  the  business  district,  and  it  is 


THE  GOVERNMENT  BUILDING. 

Facing  Post  Office  Square,  the  structure  fills  the  space  bounded  by  Milk,  Devonshire  and  Water  streets,  an  area  of  about  45.- 
oco  feet.  Its  material  is  Cape  Ann  granite,  so  substantial  that  it  successfully  resisted  the  flames  in  the  great  fire  of 
1872.  The  building  is  crowned  by  several  sculptured  groups  in  Vermont  marble,  the  work  of  the  chisel  of  Daniel 
C.  French.  The  building  accommodates,  besides  the  Post-office,  the  other  branches  of  the  United  States  Gov¬ 


ernment's  work  in  Boston,  such  as  the  Federal 

house  Board,  and  the  Int . 

$574,237,239  a  year  ago.  Chief  among  the  assets  are 
the  holdings  of  national  bank  stocks,  many  of  which 
at  present  command  high  premiums  and  return  satis¬ 
factory  incomes,  but  which  at  present  are  in  some 
cases  being  sold  out  in  response  to  higher  market 
prices  for  the  same.  They  are  exceeded  in  amount 
only  by  the  public  funds.  It  is  peculiarly  noteworthy 
also  that  the  savings  banks  laws  of  Massachusetts, 
carefully  guarded  by  a  Savings  Bank  Commission, 
make  these  institutions  exceptionally  safe  for  depos¬ 
its  of  money  by  people  of  small  means. 


Courts,  the  Weather  Bureau,  offices  of  the  Light- 
rnal  Revenue  Department. 

a  favorite  bank  with  many  of  the  larger  business 
firms  of  the  City  of  Boston  as  the  place  of  deposit 
for  their  daily  balances  and  for  the  transaction  of 
the  many  details  of  ordinary  mercantile  life  with 
which  a  banking  house  is  so  intimately  associated. 
The  Central  National  Bank  was  established  in  1873. 
Its  capital  is  $500,000,  and  the  deposits  at  its  last 
report  aggregated  more  than  $4,000,000  The 
yearly  rate  of  increase  is  a  most  gratifying  one. 
Its  board  of  executive  officers  is  made  up  of  Otis 
H  Luke,  President;  J.  Adams  Brown,  Cashier;  and 


i6 


The  Finance  and  Commerce  of  Boston  and  New  England. 


James  H.  Crocker,  Assistant  Cashier,  all  men  of 
recognized  ability  and  integrity,  and  to  its  methods 
and  its  management  may  be  truthfully  applied  the 
words — “Prompt,  Careful,  Progressive.’’  Its  bank¬ 
ing  rooms  are  well  fitted  for  the  transaction  of 
a  modern  banking  business,  with  burglar  and  fire¬ 
proof  vaults,  private  rooms  for  clients,  and  every 
modern  convenience.  At  the  present  time  there 
are  sixteen  employees,  but  the  increase  in  the  busi¬ 
ness  of  the  bank  will  doubtless  lead  to  an  increase 
in  the  office  force  at  no  distant  date. 

The  Eliot  National  Bank  ok  Boston. — A  busi¬ 
ness  man’s  bank,  directed  by  men  who  have  for 
years  held  positions  of  prominence  in  Boston's 
commercial  and  mercantile  life,  and  always  one  of 
their  favorite  financial  institutions,  is  the  Eliot 
National  Bank  of  Boston.  Its  offices  are  in  the 
John  Hancock  Building,  178  Devonshire  street  and 
35  Federal  street. 

The  Eliot  National  Bank  of  Boston  was  estab¬ 
lished  in  1853.  It  is  capitalized  at  $i,oo£>,ooo,  and 
has  a  surplus  fund  of  $500,000.  Its  character  as  a 
business  man’s  bank  shows  plainly  in  its  directorate. 
Joseph  H.  White,  its  President,  is  a  retired  dry- 
goods  merchant ;  Henry  C.  Morse  is  Treasurer  of 
the  Revere  Rubber  Co.  ;  David  N.  Skillings  is  one 
of  the  principal  owners  of  the  Skillings,  Whitney  and 
Barnes  Lumber  Co.  and  Treasurer  of  the  Winches¬ 
ter  Savings  Bank;  James  H.  Proctor  is  Vice-Presi¬ 
dent  of  the  U.  S.  Leather  Co. ;  Frederic  C.  Mc¬ 
Duffie,  of  the  Everett  Mills  and  of  the  York  Manu¬ 
facturing  Co.  ;  Wm.  R.  Dupee,  beside  his  connec¬ 
tion  with  Nichols,  Dupee  &  Co.,  wool  merchants,  is 
President  of  the  American  Rubber  Co.  ;  Royal  P. 
Barry  is  of  the  firm  of  Barry,  Thayer  &  Co  ,  cotton 
commission  merchants;  Leverett  S.  Tuckerman  is 
a  lawyer;  Henry  B.  Sprague  is  President  of  the 
Sprague  &  Breed  Coal  Co.  of  Lynn,  Mass.,  and  of 
the  Central  National  Bank  of  the  same  city;  Arthur 
F.  Luke  is  a  member  of  the  banking  firm  of  Darr, 
Luke  &  Moore.  The  Vice-President  of  the  Eliot 
Bank  is  Harry  L.  Burrage  and  the  Second  Vice- 
President  is  Francis  Harrington. 

Massachusetts  National  Bank. — The  oldest 
bank  in  New  England,  and  the  third  oldest  in  the 
country,  is  the  Massachusetts  National  Bank,  located 
at  53  State  street,  Boston,  in  the  Exchange  Build¬ 
ing.  It  was  organized  March  18,  1784 — almost  as 
soon  as  the  Revolutionary  War  had  ended — and 
began  business  in  what  was  then  known  as  the 
Manufactory  House,  on  Longaere  street,  the  5th  of 
the  following  July,  which  makes  it  close  to  118 
years  old.  It  was  chartered  as  a  national  bank 
May  1,  1865,  just  at  the  triumphant  close  of  another 
great  national  struggle. 

The  simple  statement  of  so  remarkable  a  record 


coincident  at  its  most  important  points  with  the 
nation’s  crises,  tells  more  forcibly  than  they  could 
otherwise  be  described  the  sturdiness  and  distinc¬ 
tion  of  this  fine  old  institution,  which  has  been  an 
important  factor  in  the  business  life  of  New  Eng¬ 
land  ever  since  Boston  has  been  an  American  city. 
The  discretion  and  integrity  which  are  the  neces¬ 
sary  foundation  of  such  success  are  self-evident, 
and  the  traditions  which  they  have  established  are 
carefully  preserved  in  the  selection  of  the  bank’s 
officials,  who  are,  at  present.  President  John  W. 
Weeks,  Vice-President  Daniel  G.  Wing,  Cashier 
Frederic  H.  Curtin  and  Assistant  Cashier  Edward 
S  Haywood 

The  Massachusetts  National  Bank  is  capitalized 
for  $800,000. 

Merchants’  National  Bank. — Among  the  na¬ 
tional  banks  of  Boston  the  Merchants’  has  always 
held  a  conspicuous  place.  It  has  had  a  career  of 
more  than  half  a  century  as  a  state  and  national 
bank,  during  which  time  it  has  stood  as  the  repre¬ 
sentative  bank  of  the  City  of  Boston.  The  Merch¬ 
ants’  National  Bank  was  established  as  a  state 
bank  in  July,  1831,  with  a  capital  of  $500,000,  which 
in  a  few  years  was  increased  to  $3,000,000.  This 
increase  was  necessary  to  meet  the  requirements 
of  the  bank’s  rapidly  increasing  business. 

Its  bank  building,  one  of  the  finest  in  the  city,  is 
one  of  the  most  conspicuous  structures  on  State 
street,  occupying  as  it  does  the  site  that  the  Custom 
House  occupied  in  the  old  colonial  days,  and  it  is 
opposite  the  spot  where  the  first  revolutionary 
blood  was  shed.  Its  banking  rooms  are  a  model  of 
dignity  and  elegance  and  will  well  repay  a  visit. 
The  lofty  dome  some  60  feet  in  height,  for  light 
and  ventilation,  is  one  of  the  attractive  features. 
The  bank’s  large  capital  and  unsurpassed  facilities 
enable  it  to  care  for  the  largest  business  interests; 
but  it  extends  to  all  depositors,  small  as  well  as 
large,  a  cordial  welcome.  The  directors  of  the 
bank  are:  T.  Jefferson  Coolidge,  Franklin  Haven, 
George  A.  Gardner,  Howard  Stockton,  Nathaniel 
Thayer,  Francis  B.  Higginson  and  Charles  W. 
Amory. 

National  Shawmut  Bank. — A  tower  of  strength 
in  New  England  finances,  and  one  of  the  great  bank¬ 
ing  institutions  of  the  United  States,  is  the  National 
Shawmut  Bank  of  Boston.  It  is  a  depository  of  the 
United  States,  of  the  Commonwealth  of  Massachu¬ 
setts,  and  of  the  City  of  Boston,  and  the  funds  en¬ 
trusted  to  its  care  by  them  and  by  great  corpora¬ 
tions  and  individual  private  depositors  amounted  in 
total,  according  to  its  statement  issued  in  January, 
1902,  to  $53,149,682.75. 

The  National  Shawmut  is  a  great  combination  of 
several  national  banks  which  were,  individually, 


The  Finance  and  Commerce  of  Boston  and  New  England. 


17 


large  and  flourishing  institutions  before  their  con¬ 
solidation.  Bringing  them  all  together  into  one 
corporate  body  has  created  a  composite  of  almost 
unlimited  resources,  guided  by  the  master  brains  of 
finance,  making  possible  the  vast  mercantile  and 
commercial  undertakings  to  which  a  strong  founda¬ 
tion  is  a  necessity,  and  holding  trusts  of  great  im¬ 
portance  and  responsibility.  And  all  of  this  has 
been  accomplished  not  only  without  the  slightest 
jar  or  loss  to  the  business  of  the  city  and  state, 
which  was  intimately  affected,  but,  as  well,  in  such 
a  manner  as  made  for  increased  confidence  and 
prosperity,  even. 

The  present  capital  of  the  National  Shawmut 
Bank — the  nucleus  of  which  was  originally  known 
as  the  Shawmut  National — is  three  and  a  half  mil¬ 
lion  dollars.  In  January  it  showed  $2,691,858  of 
surplus  and  profits  with  $1,639,147  in  circulation 
and  over  fifty-three  millions  on  deposit  in  its  care. 
Its  resources  included  nearly  seven  millions  in 
United  States  and  other  bonds,  besides  a  few  dol¬ 
lars  less  than  twenty  millions  in  time  loans,  ten  and 
a  half  millions  in  demand  loans  and  almost  sixteen 
and  a  quarter  millions  due  from  banks.  These 
figures  give  some  idea  of  the  tremendous  business 
which  this  institution  carries  on  day  in  and  day  out. 
It  is,  moreover,  not  only  a  bank  for  depositors  such 
as  have  been  described ;  it  is  a  bank  for  lesser  banks. 
It  makes  a  feature  of  transactions  with  other  financial 
institutions,  being  in  a  position  to  offer  every 
business  facility  which  is  not  inconsistent  with 
safe  and  conservative  banking.  Its  banking  house 
at  the  corner  of  Water  and  Congress  streets  is  at 
the  very  centre  of  the  vast  money  interests  of  what 
the  government  census  shows  to  be  the  territory 
with  the  greatest  per  capita  wealth  of  any  like  sec¬ 
tion  of  the  country. 

It  is  but  natural  that  such  a  remarkable  institu¬ 
tion  as  the  National  Shawmut  Bank  should  have  a 
distinguished  directorate  and  should  be  officered  by 
men  of  the  highest  degree  of  skill  and  of  the  high¬ 
est  reputation.  Practically  all  of  the  most  import¬ 
ant  commercial  interests  on  which  New  England’s 
prosperity  is  built,  the  law,  and  the  best  kind  of 
business  and  financial  success  are  represented  on  its 
board,  which  consists  of:  Oliver  Ames,  Micajah  P. 
Clough,  George  M.  Coburn,  Edmund  D.  Codman, 
Eben  S.  Draper,  Henry  B.  Endicott,  E.  Hayward 
Ferry,  Francis  I.  Foster,  William  A.  Gaston, 
Daniel  B.  Hallett,  Edward  B.  Hayden,  Henry  L. 
Higginson,  Henry  S.  Howe,  Frederick  S.  Moseley, 
Horatio  Newhall,  Joseph  B.  Russell,  Francis  B. 
Sears,  William  S.  Spaulding,  James  P.  Stearns, 
William  A.  Tower,  Frank  G.  Webster,  Jeremiah 
Williams,  Moses  Williams,  Robert  Winsor,  Alfred 
S.  Woodworth. 


THE  NATIONAL  BANK  OF  REDEMPTION, 
BOSTON,  MASS. 

CAPITAL,  $ 2,000,000 . 

SURPLUS  AND  PROFITS,  $650,000. 

DEPOSITS,  $22,000,000. 


ACCOUNTS  OF  BANKS,  BANKERS  AND 
CORPORATIONS  SOLICITED. 


JOHN  E.  TOULMIN,  PRESIDENT. 

EDWARD  A.  PRESBREY,  VICE-PRESIDENT. 

GEORGE  G.  MCCAUSLAND,  CASHIER. 

PALMER  E.  PRESBREY,  ASST.  CASHIER. 


SAMUEL  N.  ALDRICH,  PRESIDENT. 

ALFRED  L.  RIPLEY,  VICE-PRESIDENT. 

GEO.  B.  WARREN,  CASHIER. 


INCORPORATED  1811. 

ORGANIZED  AS  NATIONAL  1865. 

THE  STATE  NATIONAL  BANK  OF  BOSTON, 
CORNER  DEVONSHIRE  AND  WATER  STREETS, 
BOSTON,  MASS. 


DEPOSITORS  AND  CORRESPONDENTS  HAVE  THE  SECURITY 
OF  A  LARGE  CAPITAL  AND  A  CONSERVATIVE  MANAGEMENT. 


$2,000,000  CAPITAL. 
$1,000,000  SURPLUS  AND  PROFITS. 


ACCOUNTS  SOLICITED. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 8 


The  officers  of  the  National  Shawmut  are:  James 
P.  Stearns,  President;  E.  Hayward  Ferry,  Francis  B. 
Sears  and  Abram  T.  Collier,  Vice-Presidents;  Frank 
H.  Barbour,  Cashier;  Wallace  S.  Draper,  Henry  F. 
Smith  and  Arthur  P.  Stone,  Assistant  Cashiers. 

This  is  the  condensed  table  report  of  the  con¬ 
dition  of  the  National  Shawmut  Bank  of  Boston,  at 
Boston,  in  the  State  of  Massachusetts,  at  the  close 


of  business,  January  15,  1902. 

Resources. 

Time  loan . . $19,962,283.18 

United  States  and  other  bonds  .  .  .  6,807,605.24 


Demand  loan  ....  $10,545,033.89 
Due  from  banks  .  .  .  16,198,854.61 

Five  .per  cent,  fund  .  83,975.00 

Cash .  7,382,936.84  34,210,800.34 

$60, 980, 688. 76 

$  3,500,000.00 
2,691,858.51 

i,639,  147-5° 
53,149,682.75 

$60,980,688. 76 

Depository  of  the  United  States  Commonwealth 
of  Massachusetts,  City  of  Boston. 

We  invite  correspondence  from  Banking  Institu¬ 
tions,  and  are  in  a  position  to  offer  every  business 
facility  not  inconsistent  with  safe  and  conservative 
banking. 

Loan  &  Urust  Companies. 

THEY  HAVE  AN  IMPORTANT  PART  IN  MODERN 
FINANCIAL  OPERATIONS. 

Closely  allied  to  the  banking  interests  in  Boston,  and 
entering  largely  into  its  work,  are  the  numerous  loan 
and  trust  companies.  These  corporations  are  the  prod¬ 
uct  of  a  comparatively  recent  period,  and,  in  so  far  as 
they  are  given  a  broader  scope  in  the  handling  of 
money  and  in  the  care  of  trusts,  they  are  fulfilling  a 
want  not  provided  for  under  the  national  bank  laws. 
Hie  development  of  the  loan  and  trust  nusiness,  and 
incidentally  of  the  safe  deposit  provisions,  in  Boston, 
has  been  remarkably  rapid,  and  to-day,  in  the  aggre¬ 
gate,  it  stands  close  to  the  head  among  the  financial 
centresof  the  United  States.  Nowhere,  perhaps,  more 
than  in  Boston  and  New  York,  is  the  loan  and  trust 
business  so  profitable.  And  this  is  so  because  of  the 
enormous  amount  of  money  seeking  investment,  as 
well,  also,  because  of  the  many  securities  of  a  high- 
class  character  that  are  available  for  these  funds.  The 
loan  and  trust  companies  have  gained  a  remarkable 
popularity,  as  is  evidenced  by  the  fact  that  they  have 
doubled  in  number  during  the  past  decade.  At  the 
present  time  there  are  18  of  them  in  active  operation, 
with  one  more — the  City — recently  started,  and  still 
another — the  Fremont — seeking  a  charter.  The  man¬ 


agement  of  these  institutions  comprise  in  many  cases 
leading  financiers  and  the  men  who  have  in  the  past 
been  largely  instrumental  in  floating  many  successful 
propositions  in  railroad  and  industrial  fields.  The 
period  of  reorganization  and  financial  readjust¬ 
ment  that  came  to  many  of  the  large  Western  corpora¬ 
tions  a  few  years  ago  was  in  a  large  measure  responsi¬ 
ble  for  the  organization  and  development  of  these  cor¬ 
porations.  They  are  peculiarly  valuable  in  financing 
corporations  and  in  the  flotation  of  large  issues  of  new 
securities,  and  in  the  accomplishment  of  this  work  they 
have  proved  valuable  beyond  expectation  to  the  organ¬ 
izers  and  shareholders.  Boston’s  list  of  these  corpora¬ 
tions,  together  with  their  capitalization  is  as  follows : 


American  Loan  and  Trust  Company . $1,900,000 

*Bay  State  Trust  Co .  500,000 

Beacon  Trust  Co .  300,000 

Boston  Safe  Deposit  &  Trust  Co .  1,000,000 

City .  1 ,000,000 

Columbia  Trust  Co .  100.000 

Federal  Trust  Co.  .  . .  500,000 

International  Trust  Co .  1,000,000 

f Massachusetts  Loan  and  Trust  Co .  1, 000,000 

Mattapan  Trust  Co .  100,000 

Mercantile  Trust  Co .  1,000,000 

New  England  Trust  Co .  1,000,000 

Old  Colony  Trust  Co .  1,000,000 

Provident  .  200,000 

Puritan  Trust  Co .  200,000 

Securitv  .  200,000 

State  Street  Trust  Co .  600,000 

Union  Loan  and  Trust  Co .  100,000 

United  States  Trust  Co .  200,000 


Total  . $10,250,000 


That  the  loan  and  trust  business  is  increasing  stead¬ 
ily  is  evidenced  not  alone  by  the  fact,  indicated  above, 
that  two  new  companies  are  just  entering  the  field, 
but  by  the  added  fact  that  the  present  established 
companies  are  in  several  cases  going  to  establish  im¬ 
portant  branches  for  the  accommodation  of  their  cus¬ 
tomers. 

American  Loan  and  Trust  Co. — From  the  day 
of  its  opening,  in  1881,  the  American  Loan  and 
Trust  Co.,  which  has  its  offices  in  the  Exchange 
Building,  53  State  street,  Boston,  has  maintained 
a  position  of  dignified  independence  which  has 
made  it  one  of  the  most  influential  and  successful 
financial  institutions  in  the  city.  It  is  capitalized 
for  $1,000,000  and  its  surplus  earnings  are  another 
million.  Its  directorate  includes  some  of  the  best 
known  names  in  Boston. 

Indeed,  such  a  position  as  the  American  Loan 
and  Trust  Co.  holds  could  be  maintained  only  by 
the  associations  of  such  men  as  Chairman  S.  E. 
Peabody,  C.  F.  Adams,  2d,  Hobart  Ames,  Edwin 
F.  Atkins,  Isaac  T.  Burr,  Samuel  Carr,  Cordon 

^Controlled  by  the  Old  Colony  Trust  Company. 

{Recently  sold  to  a  local  syndicate. 


Liabilities. 

Capital  stock . 

Surplus  and  profits . 

Circulation . 

Deposits . 


The  Finance  and  Commerce  of  Boston  and  Nciv  England. 


19 


Dexter,  Elmer  P.  Howe,  N.  W.  Jordan,  David  P. 
Kimball,  Francis  Peabody,  Jr.,  Albert  A.  Pope,  N. 
W.  Rice,  R.  E.  Robbins,  Philip  L.  Saltonstall  and 
Charles  W.  Whittier  on  the  Board  of  Directors  and 
Messrs.  Carr,  Jordan,  Kimball,  S.  E.  Peabody  and 
N.  W.  Rice  as  Executive  Council.  Mr.  Jordan  is 
President  of  the  institution,  E.  A.  Coffin,  Treasurer, 
C.  H.  Bowen,  Secretary  and  G.  W.  Auryansen, 
Assistant  Secretary. 

Besides  its  general  banking  business,  in  which  it 
allows  interest  upon  deposits,  this  company  is  a 
legal  depository  for  executors,  guardians,  trustees 
and  courts  of  law,  and  acts  as  financial  agent  in  any 
matter.  As  transfer  agent  and  registrar  of  stocks 
and  bonds,  which  is  its  specialty,  it  enjoys  a  unique 
position. 

Federal  Trust  Co. — The  trust  company  is  a 
comparatively  modern  development  of  business  con¬ 
ditions,  but  it  has  made  for  itself  a  permanent  posi¬ 
tion  as  a  necessary  adjunct  to  commercial  life. 
Among  the  several  trust  companies  of  Boston,  the 
Federal  Trust  Co.  with  business  offices  at  95  Milk 
street  is  recognized  as  conservative,  safe  and  splen¬ 
didly  organized  concern,  with  an  efficient  and  capa¬ 
ble  board  of  officers  and  directors.  It  is  capital¬ 
ized  for  $500,000.  The  Federal  Trust  Co.,  as  such, 
accepts  trusts  created  under  will  or  otherwise,  as¬ 
sumes  the  care  of  invested  property  and  the  collec¬ 
tion  of  dividends,  and  acts  as  transfer  agent  and 
trustee  for  corporations.  Interest  is  allowed  on  de¬ 
posits  subject  to  check,  just  as  in  a  regular  banking 
business.  The  offices  of  the  company  are  fitted  with 
the  most  modern  and  up-to-date  equipment  ob¬ 
tainable,  since  the  company  was  organized  and  the 
business  opened  in  May,  1899.  The  officers  of  the 
company  are  Joseph  H.  O’Neill,  President;  Josiah 
S.  Dean,  Secretary  and  David  Bates,  Treasurer. 
Included  in  the  directorate  of  the  company  are  such 
well-known  Boston  business  men  as  James  W. 
Kenney,  John  E.  Stanton,  D.  M.  Anthony,  Win.  J. 
Carlin,  John  W.  Horne.  L.  J.  Logan,  Thomas  F. 
Galvin,  Jacob  Morse,  John  B.  Fitzpatrick,  Wm.  J. 
Emerson,  Joseph  B.  Horton,  John  T.  Burnett  and 
J.  C.  Spillane. 

Old  Colony  Trust  Co. — Perhaps  no  similar  in¬ 
stitution  in  the  United  States  has  a  more  distin¬ 
guished  Board  of  Directors  than  the  Old  Colony 
Trust  Co.  of  Boston,  whose  banking  rooms  are  in 
the  Ames  Building.  Their  names,  the  best  possi¬ 
ble  indication  of  the- institution’s  character,  are: 

T.  Jefferson  Coolidge,  Jr.,  Chairman;  Gordon 
Abbott,  Oliver  Ames,  C.  W.  Amory,  Samuel  Carr, 
B.  P.  Cheney,  T.  Jefferson  Coolidge,  Charles  E. 
Cotting,  Philip  Dexter,  Eben  S.  Draper,  George  F. 
Fabyan,  Reginald  Foster, George  P.  Gardner,  Henry 
S.  Howe,  Walter  Hunnewell,  George  von  L,  Meyer, 


Laurence  Minot,  Richard  Olney,  Henry  R.  Reed, 
Nathaniel  Thayer,  Charles  S.  Tuckerman,  Lucius 
Tuttle,  Stephen  M.  Weld  and  Henry  C.  Weston. 

It  is  not  surprising  that  under  such  management 
the  Old  Colony  Trust  Co.,  with  a  capital  of 
$r,ooo,ooo,  has,  in  the  twenty-one  years  that  it  has 
been  doing  business,  accumulated  $2,000,000  sur¬ 
plus  and  deposits  amounting  to  more  than  $27,000,- 
000.  It  transacts  a  general  banking  business,  giv¬ 
ing  special  attention  to  accounts  with  ladies  for 
whom  special  accommodations  are  provided.  In¬ 
terest  is  allowed  on  accounts  subject  to  check.  Its 
trust  department  acts  as  transfer  agent,  registrar 
and  trustee  under  mortgages  and  as  executor  and 
administrator  of  estates  and  accepts  trusts  under 
wills  or  agreements.  As  an  adjunct  to  this  very 
complete  banking  house  there  are  safe  deposit 
vaults  also,  so  that  a  customer  may  transact  all  his 
business  under  one  roof  and  with  the  utmost  con¬ 
venience  and  security. 

Security  Safe  Deposit  Co. — One  of  the  neces¬ 
sities  nowadays  is  a  place  of  assured  safety  from 
fire  and  theft  for  the  protection  of  valuables, 
whether  in  the  form  of  silverware,  jewels,  securi¬ 
ties  or  important  documents  and  papers,  and  the 
vaults  of  the  Security  Safe  Deposit  Co.  in  the 
Equitable  Building,  67  Milk  street,  at  the  corners 
of  Federal  and  Devonshire  streets,  are  among  the 
most  perfectly  equipped  place  of  the  sort  in  the 
country. 

The  company  began  business  in  1876  and  its  suc¬ 
cess  was  immediate.  Its  vaults  are  safe-guarded  by 
every  modern  device.  Built  of  steel  and  masonry 
they  are  constantly  under  the  eyes  of  watchmen 
and  are  in  addition  fitted  with  the  most  improved 
electrical  system,  connected  directly  with  police 
headquarters. 

On  the  street  floor  are  the  most  sumptuous  read¬ 
ing  room  and  parlor  in  any  similar  institution  in  the 
country.  They  are  in  direct  communication  with 
the  Boston  and  New  York  Stock  Exchanges  and  offer 
every  facility  for  the  transaction  of  customers’  busi¬ 
ness. 

The  Security  Safe  Deposit  Co.,  has  $200,000  of 
capital.  Its  officers  and  directors  are:  E.  M.  Mc¬ 
Pherson,  President;  William  A.  Tower,  First  Vice- 
President;  James  H.  Hyde,  Second  Vice-President; 
Nathan  Warren,  Treasurer;  Gorden  Dexter,  Gage 
E.  Tarbell,  Henry  M.  Alexander,  E.  Rollins 
Morse,  Louis  Fitzgerald,  F.  A.  C.  Hill,  Oliver 
Ames,  William  H.  McIntyre  and  Daniel  G.  Tayler. 

State  Street  Trust  Co. — After  eleven  years  of 
successful  business,  during  which  time  the  corpora¬ 
tion  has  placed  itself  in  a  most  prominent  position, 
the  State  Street  Trust  Co.  stands  to-day  a  represen¬ 
tative  Boston  business  institution.  It  was  estab- 


20 


The  Finance  and  Commerce  of  Boston  and  New  England. 


lished  in  July,  1891,  to  carry  on  a  trust  and  banking 
business,  and  is  incorporated,  with  a  capitalization 
of  $600,000.  Its  offices  at  38  State  street  are  in  the 
heart  of  the  business  section  of  Boston,  and  are 
readily  accessible  from  any  part  of  the  city.  This 
company  has  made  a 
reputation  for  conserv¬ 
ative  and  capable  care 
of  trusts  under  will  or 
similar  legal  provision, 
and  it  is  the  transfer 
agent  and  trustee  for 
many  corporations,  a  s 
well  as  the  accredited 
caretaker  o  f  invested 
property  and  collector 
of  dividends  for  many 
individuals  not  in  a 
position  to  adequately 
care  for  their  own 
property.  The  officers 
of  this  company  are 
Moses  Williams,  Presi¬ 
dent;  Charles  Lowell, 

Actuary;  F.  J.  Stimson 
and  J,  B.  Russel,  Vice- 
Presidents  ;  Allan 
Forbes,  Treasurer;  E. 

W.  Foote  and  L.  W. 

Wiggin,  Assistant 
Treasurer;  and  J.  H 
Pitman,  Assistant  Sec¬ 
retary.  Included  in  the 
directorate  of  the  com¬ 
pany  are  R.  L.  Agassiz, 

Harcourt  Amory,  John 
Jacob  Astor,  Edward  Atkinson,  August  Belmont, 
Richard  Delafield,  Philip  Dexter,  Stuvesant  Fish, 
W.  Cameron  Forbes,  Gustav  E.  Kissel,  Geo.  V. 
Leverett,  Charles  Lowell,  Neal  Rantoul,  Joseph  B. 
Russell,  Frederic  J.  Stimson,  Howard  Stockton, 
Albert  B.  Wiggin,  and  Moses  Williams. 

Glide  Influence 

EXERTED  BY  BOSTON  BANKERS  AND  BROKERS. 

Boston  capitalists  have  not  only  developed  and 
directed  the  affairs  of  many  corporations  of  the  past, 
hut  they  have  as  well  established  a  broad  market  for 
the  securities  of  the  same,  and  made  Boston,  on  that 
account,  a  financial  centre  second  only  in  importance 
to  the  New  York  Exchange.  Boston  in  its  Stock 
Exchange  and  its  small  army  of  brokers  possesses  a 
force  for  the  development  of  business  that  is  as  potent 
as  it  is  successful.  It  is  here  in  Boston  that  are  con¬ 
trolled  very  many  copper  producing  properties  of  the 


Lake  Superior  and  Montana  districts,  and  it  is  Bos¬ 
ton  capital  that  has  opened  up  many  of  these  extremely 
profitable  mines.  It  has  been  said  in  the  past  that  the 
Boston  Stock  Exchange  would  perhaps  be  a  dull  affair 
but  for  its  copper  stocks.  In  a  certain  sense  this  may 

be  true,  but  the  Stock 
Exchange,  dispite  the 
fact  that  its  copper 
shares  furnish  the  bulk 
of  its  business,  still  has 
upon  its  lists  a  group 
of  securities  that  are 
widely  traded  in,  and 
that  furnish  as  well, 
every  opportunity  for 
a  broad  and  profitable 
speculation. 

The  Stock  Exchange 
to-day,  in  its  conveni¬ 
ent  and  well-arranged 
quarters  on  State  Street 
furnishes  another  alto¬ 
gether  splendid  monu¬ 
ment  of  the  progress 
that  has  been  made  in 
local  financial  circles 
during  the  past  century. 
It  has  been  a  most  im¬ 
portant  factor  in  the  de¬ 
velopment  of  the  finan¬ 
cial  interests  of  Boston, 
and  it  has  won  a  repu¬ 
tation  which  places  it 
well  at  the  head  of  the 
stock  exchanges  of  the 
world. 

From  a  simple  beginning  it  has  grown  steadily,  and 
at  times  rapidly,  until  to-day  it  has  a  list  of  securities 
which  furnishes  at  times  extremely  active  trading, 
and  a  membership  numbering  150  bankers  and  brok¬ 
ers  of  the  leading  and  progressive  men  of  the  city. 
There  are  96  firms  represented  on  the  board,  39  of 
which  have  membership  in  the  New  York  Stock  Ex 
change.  Ten  firms  have  two  memberships  in  the  Bos¬ 
ton  Exchange,  and  one  firm  has  three  memberships. 
Edward  L.  Giddings,  of  Tower,  Giddings  &  Co.,  ,s 
dean  of  the  board,  having  been  admitted  on  March 
23,  1864.  The  last  member  admitted  was  Herbert  I. 
Foster,  of  Paine,  Webber  &  Co.,  on  Jan.  9,  1902.  The 
price  of  membership  is  now  $22,000,  and  they  have  in 
the  past  sold  as  high  as  $25,000. 

1  he  board  has  been  in  existence  for  nearly  68  years, 
having  been  organized  in  October,  1834.  In  those 
early  days  a  few  of  the  old-time  bankers  were  accus¬ 
tomed  to  meet  daily  at  the  office  of  one  of  their  num¬ 
ber,  and  trade  in  the  few  securities  of  banks  and 


EXCHANGE  BUILDING. 

Here ,  on  the  first  floor  of  the  building  are  the  quarters  of  the 
Stock  Exchange.  The  Chamber  is  a  handsome  hall ,  115 
feet  long ,  30  feet  wide  and  jj  feet  high.  The 
Stock  Exchange  dates  from  1834. 


The  Finance  and  Commerce  of  Boston  and  New  England 

^  o 


railroad  corporations  which  were  then  upon  the  mar¬ 
ket.  The  name  of  P.  P.  Bolles  and  John  E.  Thayer 
are  among  those  who  were  chiefly  instrumental  in 
its  organization.  As  soon  as  the  board  had  been 
properly  started  the  members  assessed  themselves 
$100  each  and  that  amount  was  made  the  initiation 
fee.  It  was  later  advanced  to  $200,  and  still  later 
to  $1,400,  and  as  the  business  increased,  and  the 
value  of  the  membership  was  thereby  enhanced,  it 
was  lifted  to  $2,000.  In  recent  years  the  price  of  a 
seat  in  the  Boston  board  has,  as  noted  above,  reached 
$25,000,  and  very  recently  it  was  sold  at  $22,000. 

Boston  brokers  have,  in  recent  years,  seemingly 
caught  the  spirit  that  has  long  dominated  Wall 
Street  and  in  the  speculative  and  investment  arena 
it  has  certainly  taken  a  foremost  place.  Its  business 
last  year -a  banner  year — aggregated  10,758,462 
shares  of  listed  stocks,  and  5,447,485  shares  of  un¬ 
listed  and  $22,981,628  of  bonds — truly  a  marvelous 
showing  when  placed  in  comparison  with  the  records 
of  its  early  years,  when  everything  was  done  on  a 
small  scale  and  when  the  opportunities  for  develop¬ 
ment  were  greatly  restricted. 

Here  in  Boston,  too,  have  been  founded,  matured 
and  developed  banking  houses  of  a  world-wide 
reputation,  whose  names  are  synonyms  of  unlimited 
credit,  and  of  the  highest  possible  business  stand¬ 
ing.  These  concerns  have,  in  the  past,  financed 
many  of  the  largest  corporations  that  have  ever 
been  launched,  and  it  is  through  them  that  much  of 
Boston  capital  has  found  its  way  into  the  West,  for 
the  achievement  of  the  great  development,  in  all 
directions,  that  has  been  accomplished  during  the 
past  half  century. 

Bright,  Sears  &  Co. — Among  the  firms  of  Bos¬ 
ton  bankers  and  brokers  with  offices  in  the  Exchange 
Building  at  53  State  street  is  that  of  Bright,  Sears 
&  Co.,  an  enterprising  house  employing  fourteen 
efficient  clerks  and  transacting  a  growing  business. 
This  firm  was  established  on  July  1,  1897,  for  the 
transaction  of  a  general  banking  and  brokerage 
business,  by  William  Ellery  Bright  and  Harold  C. 
Sears.  The  firm  are  members  of  the  Boston  Stock 
Exchange,  and  are  thus  in  a  position  to  handle  the 
business  of  their  clients  quickly  and  directly.  In 
addition  to  the  regular  telegraphic  service  of  a 
modern  brokers’  office,  Bright,  Sears  &  Co.  are  in 
touch  with  the  New  York  Stock  Exchange  by  means 
of  private  wires  to  members  of  that  exchange,  and 
are  therefore  enabled  to  carry  on  transactions  in 
Wall  street  without  loss  of  time.  The  rooms  of  the 
firm  in  the  Exchange  Building,  readily  accessible  as 
they  are  to  patronshaving  business  on  “  the  Street,” 
and  are  splendidly  equipped  with  every  facility  for 
the  transaction  of  a  brokerage  and  banking  business, 


2 1 


with  private  rooms  for  customers,  telephone  and 
messenger  service,  etc.,  and  that  this  is  appreci¬ 
ated  is  evidenced  by  the  firm’s  constantly  increasing 
business.  Its  customers  are  those  which  would 
naturally  be  attracted  by  methods,  which  while  con¬ 
servative,  are  yet  progressive,  safe  and  reliable. 

Nathan  B.  Goodnow  &  Co.  and  South  End 
National  Bank. — Among  Boston’s  banking  firms 
the  house  of  Nathan  B.  Goodnow  &  Co.  has  a 
recognized  financial  standing.  The  firm  was  estab¬ 
lished  in  1873  and  has  a  New  York  office.  They 
transact  a  general  banking  business,  including  the 
purchase  and  sale  of  stocks,  bonds  and  grain,  for 
investment  or  on  margin.  They  are  also  dealers 
in  government,  city,  town  and  railroad  bonds  and 
make  a  specialty  of  Massachusetts  town  bonds. 

Some  time  ago  Goodnow  &  Co.  established  a 
permanently  invested  fund  of  $224,000,  which  is 
held  as  a  guaranteed  security  for  all  persons  who 
have  business  with  that  concern.  In  this  manner 
they  have  afforded  ample  protection  to  those  who 
have  invested  with  them. 

Nathan  B.  Goodnow  is  Vice-President  of  the 
South  End  National  Bank,  1119  Washington  street. 
The  bank  handles  the  accounts  of  corporations, 
firms  and  individuals  in  a  manner  that  has  secured 
the  highest  confidence  of  the  public.  John  A. 
Pray  is  President  of  the  bank,  Frank  H.  Robbins 
Cashier  and  John  G.  Blake,  Thomas  W.  Carter,  Char¬ 
les  A.  Pooke,  Randall  G.  Morris,  John  A.  Pray,  Nathan 
B.  Goodnow  and  S.  A.  D.  Sheppard,  Directors. 

The  Boston  office  of  Goodnow  &  Co.  is  at  2  Post 
Office  Square,  and  the  New  York  office  at  52  Broad¬ 
way. 

Haight  &  Freese  Co. — The  firm  of  Haight  & 
Freese  Co.,  85  State  street,  Boston,  with  branches 
at  105  Summer  street  and  15  Brattle  street,  is 
known  all  over  the  country.  They  are  commission 
stock  brokers,  with  offices  in  all  the  large  cities, 
and  have  been  in  business  for  eighteen  years.  This 
house  makes  a  specialty  of  fractional  lots,  being 
pioneers  in  that  field,  and  the  quality  of  its  broker¬ 
age  service  has  been  long  established.  Their  illus¬ 
trated  “  Guide  to  Investors  ”  is  of  great  value  to  all 
who  care  to  keep  in  touch  with  the  world’s  markets. 
Their  New  England  branches  are  in  Worcester, 
Springfield,  Hartford,  New  Haven,  Bridgeport, 
Providence,  Lowell,  Lynn  and  Waltham. 

Haight  &  Freese  Co.  was  established  in  1890, 
under  the  State  laws  of  New  York.  The  capital 
paid  in  is  $100,000.  Their  policy  of  being  “  up-to- 
date  ”  is  well  illustrated  in  the  establishment  of 
their  branches  in  the  different  cities,  whereby  the 
traveling  public,  as  well  as  local  residents,  have 
similar  facilities  in  way  of  good  service,  the  latest 


22 


The  Finance  and  Commerce  of  Boston  and  New  England. 


news  and  advice,  as  can  be  found  at  the  home 
office.  The  “  Guide  to  Investors  ”  will  be  mailed 
free  upon  application  to  any  address.  Besides  gen¬ 
eral  information  it  contains  the  history  of  all  rail¬ 
roads  and  industrial  corporations,  their  dividend 
payments,  earnings,  etc.,  and  maps  of  all  important 
railroads,  and  clearly  written  explanation  of  the 
methods  of  trading  on  margin,  technical  terms,  etc. 

Hornblower  &  Weeks. — One  of  the  half  dozen 
largest  firms  of  bankers  and  brokers  in  Boston  is 
that  of  Messrs.  Hornblower  &  Weeks,  who  have 
offices  in  the  Exchange  Building,  53  State  street. 
It  was  established  August  7,  1888,  has  taken  a  lead¬ 
ing  place  among  the  financial  institutions  of  New 
England,  and  has  become  a  notable  factor  in  money 
circles  in  New  York,  where  it  has  a  branch  house 
at  10  Wall  street. 

The  high  repute  of  Messrs.  Hornblower  &  Weeks 
is  based,  not  only  upon  the  business  record  of  the 
concern,  but  upon  the  personnel  of  the  membership 
also.  The  gentlemen  who  compose  the  firm  are: 
Henry  Hornblower,  John  W.  Weeks,  Ovington  E. 
Weller,  James  J.  Phelan,  James  H.  Wainwright 
and  Edward  L.  George.  Mr.  Hornblower  is  a 
director  of  the  First  National  Bank  of  Arlington; 
Mr.  Weeks  is  President  of  the  Massachusetts 
National  Bank  of  Boston  and  of  the  Newtonville 
Trust  Co. ;  Mr.  Phelan  is  Vice-President  of  the 
Federal  Trust  Co.  of  Boston. 

Having  a  New  York  establishment  of  their  own, 
Messrs.  Hornblower  &  Weeks  are  in  a  position  to 
afford  their  customers  especially  valuable  service, 
and  their  facilities  in  all  departments  are  excep¬ 
tionally  complete.  The  positions  to  which  various 
members  of  the  firm  have  been  chosen  by  other 
large  financial  institutions  are  an  indication  of  the 
esteem  in  which  are  held  the  sagacity,  conservatism 
and  progressiveness  which  have  always  character¬ 
ized  the  methods  of  the  house. 

Lawson,  Arnold  &  Co. — Amongthe  Boston  firms 
of  bankers  and  brokers  with  offices  on  State  street — 
the  Wall  street  of  Boston — that  of  Lawson,  Arnold 
&  Co.  occupies  a  position  of  prominence.  The  finely 
appointed  offices  of  this  company  occupy  the  best 
floor  of  the  Worthington  building,  at  33  State  street, 
corner  of  Congress  street,  and  are  just  across  the 
way  from  the  Boston  Stock  Exchange.  Lawson, 
Arnold  &  Co.  are  a  comparatively  new  firm,  since 
it  was  established  in  January,  1900,  but  its  members 
had  personally  been  identified  with  the  financial 
interests  of  commercial  Boston  for  many  years. 
The  firm  was  organized  to  carry  on  a  general  bank¬ 
ing  and  brokerage  business,  and  its  members  are 
Thomas  W.  Lawson,  Allen  Arnold  and  Henry  H. 
Arnold.  The  house  has  a  very  large  clientele 


throughout  the  New  England  States,  and  the 
brokerage  feature  of  its  business  is  that  to  which 
the  major  part  of  its  effort  is  directed.  Its  count¬ 
ing  rooms  are  hives  of  industry  during  exchange 
hours,  and  the  twenty  efficient  employees  of  the 
house  are  kept  busily  engaged.  Private  wires  to 
New  York  and  all  the  aids  to  the  modern  brokerage 
business  are  at  the  disposal  of  the  firm’s  customers, 
and  its  members  occupy  a  prominent  position 
among  the  members  of  the  Boston  and  New  York 
Stock  Exchanges,  of  which  Mr.  Allen  Arnold  is  a 
member. 

Mitchell,  Knapp  &  Co. — A  firm  that  stands  high 
in  the  New  England  world  of  finance  is  that  of 
Mitchell,  Knapp  &  Co.,  which  is  located  at  59  Con¬ 
gress  street  and  48  Water  street,  Boston.  Although 
this  firm  is  comparatively  young,  having  been  estab¬ 
lished  on  January  1,  1900,  its  members  have  by 
energy  and  good  business  methods  placed  it  on  a 
solid  foundation.  They  do  a  regular  banking  and 
brokerage  business,  making  a  feature  of  railroad 
securities,  which  is  their  specialty.  Henry  Mitchell 
and  Charles  Henry  Knapp  are  the  members  of  the 
firm,  and  they  offer  every  inducement  to  their  cus¬ 
tomers  and  the  best  of  service.  The  commodious 
office  of  Mitchell,  Knapp  &  Co.,  located  in  the 
midst  of  other  large  financial  houses  are  conveni¬ 
ent  headquarters  for  customers,  from  outside  points 
who  may  be  visiting  the  city.  They  do  a  large 
business  in  various  parts  of  New  England,  and  more 
particularly  with  those  who  are  interested  in  rail¬ 
road  stocks. 

Either  or  both  members  of  the  firm  are  always 
in  their  office,  to  personally  attend  to  the  wants  of 
their  many  customers,  and  it  is  such  courtesies  as 
this  and  close  attention  to  the  trade  that  is  greatly 
responsible  for  the  fast  and  ever  increasing  busi¬ 
ness  of  the  firm  of  Mitchell,  Knapp  &  Co. 

Paine,  Webber  &  Co. — At  the  corner  of  State 
and  Devonshire  streets,  in  the  center  of  Boston’s 
commercial  district,  are  the  offices  of  Paine,  Web¬ 
ber  &  Co.,  bankers  and  brokers,  a  firm  which  is 
rapidly  forging  to  the  front  among  similar  Boston 
companies.  Since  Boston  is  in  reality  the  commer¬ 
cial  backbone  of  New  England  it  naturally  follows 
that  its  banking  and  brokerage  business  is  carried 
on  by  a  multitude  of  firms,  each  differing  somewhat 
from  its  fellows  in  the  class  and  variety  of  the 
business  transacted.  •  Paine,  Webber  &  Co.  have  a 
high  class  clientele.  Their  customers  come  from 
all  parts  of  New  England,  and  their  facilities  for 
the  transaction  of  a  banking  and  brokerage  business 
are  of  the  best.  The  firm  is  made  up  of  William 
A.  Paine  of  the  Boston  Stock  Exchange  and  Charles 
II .  Paine  of  the  New  York  Exchange,  thus  putting 


The  Finance  and  Commerce  of  Boston  and  New  England. 


23 


the  patrons  of  the  company  into  touch  with  the  two 
busiest  parts  of  the  Eastern  section  of  this  country. 
Private  wires,  long  distance  telephone,  the  regular 
ticker  and  messenger  service,  as  well  as  the  facili¬ 
ties  of  a  finely  appointed  and  up-to-date  office  are 
at  the  disposal  of  their  clients,  and  their  business 
is  a  growing  one  along  firmly  established  lines  of 
action.  Patrons  of  this  house  are  those  who  appre¬ 
ciate  a  high  class,  reliable  and  progressive  service, 
and  their  number  is  increasing  constantly. 

Richardson,  Hill  &  Co. — Among  the  substantial 
and  conservative  banking  houses  of  Boston,  none 
takes  a  higher  place  than  Messrs.  Richardson,  Hill 
&  Co.  Their  offices  at  40  Water  street,  in  the  heart 
of  the  financial  district,  are  a  center  for  investors 
and  for  many  large 
money  interests. 

Besides  buying  and 
selling  stocks  and  bonds 
in  all  markets,  this  firm 
does  a  general  banking- 
business,  receiving  de¬ 
posits  subject  to  check 
at  sight.  It  deals  large¬ 
ly  in  commercial  paper 
also. 

The  firm  of  Richard¬ 
son.  Hill  &  Co.  was 
established  in  1870,  and 
has  always  commanded 
the  confidence  of  fin¬ 
anciers.  It  consists  of 
SpencerW.  Richardson, 

William  H.  Hill,  Henry 
W.  Dodd  and  Frank  E. 

James. 

E.  H.  Rollins  &  Son. 

— In  these  days  of  gen¬ 
eral  investment  for  in¬ 
come  or  for  speculative  purposes  only,  it  has  natur¬ 
ally  come  about  that  certain  firms  have  associated 
themselves  directly  with  one  branch  of  the  business 
or  the  other,  without  mingling  the  two  separate 
interests.  Among  the  many  firms  in  Boston  hand¬ 
ling  securities,  either  as  brokers  or  as  trustees, 
the  firm  of  E.  H.  Rollins  &  Son  (incorporated) 
has  become  known  very  generally  among  investors 
as  dealers  in  high-class  investment  securities,  that 
is,  longtime  railroad  and  municipal  bonds  and 
similar  securities  which  are  purchased  as  a  mat¬ 
ter  of  safe  investment  where  a  constant  income 
is  desired.  This  branch  of  commercial  business  is 
entirely  different  from  the  buying  or  the  selling  of 
stocks  or  bonds  upon  commission  for  the  purposes 
of  mere  speculation,  since  the  company  handling 


STATE  STREET— Boston’s  Financial  Quarter 


such  securities  virtually  stakes  its  business  reputa¬ 
tion  upon  the  safety  of  the  bonds  sold  to  the  inves¬ 
tor.  The  E.  H.  Rollins  &  Sons’  corporation,  which 
was  established  in  1882,  has  a  capitalization  of 
$300,000.  It  offices  at  19  Milk  street  are  commodious 
and  splendidly  equipped,  and  its  forty  or  more 
employees  are  both  capable  and  efficient.  During 
its  twenty  years  of  business  life  this  firm  has  se¬ 
cured  a  large  and  growing  clientele  of  New  Eng¬ 
land  investors,  and  the  securities  which  it  handles 
are  of  the  highest  class. 

Tower,  Giddings  &  Co. — One  of  the  oldest  pri¬ 
vate  banking  houses  in  the  City  of  Boston  is  Tower, 
Giddings  &  Co.,  located  at  105  Devonshire  street. 
This  firm  was  established  in  1867  by  Messrs.  W.  A. 

Tower  and  E.  L.  Gid¬ 
dings.  These  two  gen¬ 
tlemen,  together  with 
Messrs.  W.  L.  Under¬ 
wood  and  Richard  G. 
Tower  constitute  Tow¬ 
er,  Giddings  &  Co.  at 
the  present  time.  Dur¬ 
ing  the  thirty-four  years 
that  this  house  has  been 
established  it  has  always 
done  a  strictly  commis¬ 
sion  business  in  the  line 
of  brokerage,  confining 
itself  particularly  to 
higfh- class  investment 
securities.  Mr.  W.  A. 
Tower  has  long  been 
prominently  identified 
with  the  banking  in¬ 
terests  of  Boston,  flav¬ 
ins'  been  a  director  of 

o 

the  National  Bank  of  the 
Commonwealth  from 
the  time  of  its  organization,  and  President  of  the 
same  bank  at  the  time  of  its  consolidation  with  the 
National  Shawmut  Bank,  also  for  the  past  twenty 
years  he  has  been  a  trustee  of  the  Boston  Five 
Cents  Savings  Bank. 

Mr.  E.  L.  Giddings  is  a  member  of  both  the  New 
York  and  the  Boston  Stock  Exchanges  and  Mr.  R. 
G.  Tower  is  a  member  of  the  Boston  Stock  Ex¬ 
change.  The  New  York  office  of  Tower,  Giddings 
&  Co.  is  with  Tower  &  Sherwood,  10  Wall  street, 
with  which  it  is  directly  connected  by  private  wire. 
No  banking  house  in  Boston  holds  a  higher  position 
than  Tower,  Giddings  &  Co. 

Towle  &  Fitzgerald.  —  Among  the  younger 
firms  of  Boston  stock  brokers,  which  have  made  for 


24 


The  Finance  and  Commerce  of  Boston  and  New  England. 


themselves  niches  in  Boston’s  commercial  edifices 
is  that  of  Towle  &  Fitzgerald,  with  their  offices  and 
counting  rooms  at  18  Post  Office  Square.  Although 
the  partnership  was  not  consummated  until  Feb- 
uary  ist,  1899,  the  business  of  the  firm  has  grown 
with  constant  and  permanent  increase,  until  to-day 
twenty-three  employees  are  upon  the  pay-rolls  of 
the  concern,  and  others  must  soon  be  engaged.  It 
may  not  prove  true  in  all  cases  that  additional  em¬ 
ployees  means  additional  business,  but  with  the 
brokerage  house  of  Towle  &  Fitzgerald  there  can 
be  no  doubt  about  it.  The  firm  is  an  enterprising 
one,  and  its  members  are  filled  with  the  character¬ 
istic  American  spirit  of  push,  combined  with  the 
ability  to  see  an  enterprise  through  to  successful 
fruition  when  it  has  once  been  launched.  Hence, 
it  is  no  surprise  to  their  business  associates  that 
success  in  their  chosen  line  is  theirs  in  ample 
measure.  Customers  of  this  firm  are  given  the  ad¬ 
vantages  of  good  service  on  both  the  Boston  and 
New  York  Stock  Exchanges  finely  fitted  and  cen¬ 
trally  located  business  rooms,  and  in  fact  every  re¬ 
quisite  to  the  expeditious  buying  and  selling  of 
stocks,  and  it  has  naturally  followed  that  the  firm 
has  forged  rapidly  to  the  front. 

F.  M.  Tucker  &  Co. — Among  the  many  firms  of 
bankers  and  brokers  with  offices  in  the  “  Wall 
Street  of  Boston  ”  is  that  of  F.  M.  Tucker  &  Co.  at 
60  State  street.  Active,  progressive  and  with  a 
large  clientele  of  customers  in  different  parts  of 
New  England,  this  firm  is  well  equipped  with  all 
the  machinery  of  a  modern  brokerage  business.  Its 
members  are  also  members  of  the  Boston  Stock  Ex¬ 
change,  and  in  addition  are  in  intimate  touch  with 
the  New  York  Stock  and  Cotton  Exchanges,  and 
with  the  Chicago  Board  of  Trade,  by  means  of  pri¬ 
vate  wires  to  affiliated  brokerage  firms  in  these 
cities.  This  ability  to  furnish  a  safe,  expeditious 
and  reliable  service  is  so  well  appreciated  that  the 
commodious  rooms  of  the  firm  are  thronged  with 
customers  during  Exchange  hours,  and  the  large 


corps  of  capable  and  gentlemanly  employees  are 
kept  busily  engaged  in  carrying  through  the  trans¬ 
actions  inaugurated  in  the  public  rooms  of  the  com¬ 
pany.  In  addition  to  the  ticker  service  and  the 
special  wires  to  metropolitan  marts  of  trade,  the  cus¬ 
tomers  of  this  company  have  the  benefit  of  the  long 
distance  telephone,  with  private  booths,  and  retir¬ 
ing  rooms  for  the  transaction  of  private  business, 
as  well  as  the  use  of  messengers.  The  offices  of 
the  firm  are  in  the  heart  of  the  business  district  as 
they  are  directly  across  the  street  from  the  Stock 
Exchange. 

Tucker,  Anthony  &  Co. — The  old  established 
firm  of  Tucker,  Anthony  &  Co.  occupies  a  prom¬ 
inent  position  among  the  banking  and  brokerage 
firms  carrying  on  business  in  Boston.  The  mem¬ 
bers  of  the  firm  are  William  A.  Tucker,  S.  R. 
Anthony,  Philip  L.  Saltonstall  and  Nathan  An¬ 
thony,  all  men  of  the  highest  standing  in  the  busi¬ 
ness  community,  and  for  many  years  associated  in¬ 
timately  with  Boston’s  commercial  development. 
Conservative,  yet  progressive,  and  with  a  reputa¬ 
tion  for  business-like  methods  and  sound  principles, 
this  firm  has  gathered  together  a  splendid  clientele 
of  customers.  While  doing  a  regular  banking  and 
brokerage  business  the  company  makes  a  specialty 
of  sound  investment  stocks  and  bonds,  and  is  pos¬ 
sessed  of  unusual  facilities  for  handling  such  orders 
on  both  the  Boston  and  New  York  Stock  Ex¬ 
changes.  The  firm’s  New  York  correspondents  are 
Thomas  L.  Manson  &  Co.,  at  71  Broadway,  with 
whose  offices  they  are  connected  by  private  wire. 

The  office  of  Tucker,  Anthony  &  Co.  are  at  53 
State  street,  in  the  Exchange  Building,  and  in 
point  of  fitting  and  completeness  of  equipment  for 
the  business  carried  on  there  compare  favorably 
with  any  in  Boston.  Dealing  as  it  does  in  sound 
investment  stocks  this  company  has  placed  itself 
firmly  upon  the  pedastal  of  public  confidence,  and 
is  reaping  its  reward  in  a  constantly  progressing 
business. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


25 


N.  W.  HARRIS  &  CO., 

BANKERS, 

LEE,  H1GG1NSON  &  CO., 

67  MILK  STREET,  BOSTON. 

44  STATE  STREET, 

BOSTON. 

# 

DEALERS  IN 

GOVERNMENT,  MUNICIPAL  AND  RAILROAD 

BONDS. 

INVESTMENT  SECURITIES. 

DEPOSITS  RECEIVED  SUBJECT  TO  CHECK. 

INTEREST  ALLOWED  ON  DAILY  BALANCES. 

LETTERS  OF  CREDIT  ISSUED  FOR  THE  USE  OF  TRAVELLERS 

AVAILABLE  IN  ALL  FARTS  OF  THE  WORLD. 


ESTABROOK  &  CO., 
BANKERS. 


KIDDER,  PEABODY  &  CO., 
115  DEVONSHIRE  ST., 
BOSTON. 


35  CONGRESS  STREET, 
BOSTON. 


21  NASSAU  STREET, 
NEW  YORK. 


INVESTMENT  SECURITIES. 

FOREIGN  EXCHANGE. 


LETTERS  OF  CREDIT. 


Che  JVJamng  of  Ccxtiles  and  its  Hllted  Branches, 
the  Industry  that  Leads  all  Others 

in  ]Ncw  Bngland. 

ITS  HISTORY  BEGINS  BACK  IN  THE  EIGHTEENTH  CENTURY— ITS  GROWTH  CO¬ 
EXTENSIVE  WITH  THE  DEVELOPMENT  OF  THE  WHOLE  COUNTRY- 
NEW  ENGLAND  COTTON  AND  WOOLEN  MILLS  BLEACHERIES. 

AND  CARPET  FACTORIES.  LEAD  THE  WORLD. 

$ 


i^HE  textile  industry  of  New  England  has 
UK  for  many  years  been  among"  the  most  im- 
portant  of  its  manufactures,  and  to-day, 
taken  with  its  allied  branches,  exceeds  any 
other  in  the  gross  value  of  its  products.  Its  history 
begins  back  in  the  eighteenth  century,  and  its 
growth  has  been  co-extensive  with  the  develop¬ 
ment  of  the  whole  country. 

( Ireat  difficulties  have  been  overcome  in  the  manu¬ 
facture  of  textile  fabrics  of  every  style,  until  to-day 
New  England’s  cotton  and  woolen  mills,  bleacheries 
and  carpet  factories  are  the  equal,  on  the  whole,  of 
those  of  any  other  great  manufacturing  country. 
This  is  the  greatest  cotton-growing  country  of  the 
world,  and  our  wool  clip  is  larger  than  that  of  any 
other  manufacturing  country;  the  New  England 
mechanic  is  the  most  ingenious  and  skilled  in  the 
world;  therefore  it  is  only  the  result  of  a  natural 
process  of  industrial  evolution  that  New  England 
is  the  great  textile  manufacturing  centre  that  it  is. 
In  this,  as  in  many  other  industries,  Massachusetts 
leads  the  other  States  of  the  East. 

'Cbe  JVIakcrs  of  Cdoolcns. 

NEW  ENGLAND  MEN  THE  BUILDERS  OF  A  GREAT 

SUCCESS. 

The  breeding  and  raising  of  sheep,  especially  for 
their  wool,  to  furnish  raw  material  for  woolen  cloth 
and  worsteds  was  first  attempted  in  this  country  in 
New  England;  the  factory  making  of  woolen  goods 
in  the  United  States  was  first  established  in  Massa¬ 
chusetts,  and  the  first  store  for  the  sale  of  American 
woolens  on  commission  was  opened  in  Boston.  As 
the  population  became  more  dense  on  the  seaboard 
and  the  great  prairies  of  the  West  gave  room  for 
ranching  on  a  scale  which  the  East  could  not  afford 


to  give,  sheep  raisers  turned  toward  the  land  of  the 
setting  sun ;  but  the  mills  which  gave  them  their 
market  stayed  in  New  England,  and  here  more  than 
anywhere  else  they  have  flourished  and  built  up  the 
wonderful  business  which  reaches  out  for  the  world’s 
markets  to-day,  and  Boston,  the  country’s  chief 
mart  for  raw  wool,  became  a  great  headquarters  for 
jobbers  of  the  finished  woolens. 

These  bare  statements  show  the  importance  given 
to  New  England  by  the  development  of  one  of  the 
branches  of  textitle  making  which  has  been  brought 
to  its  highest  state  of  perfection  here  and  the  im¬ 
portance  which  New  England  has  been  to  one  of  the 
leading  industries  of  the  present  time.  But  they 
give  no  idea  of  what  has  been  involved  in  its 
growth — a  series  of  struggles  through  disheartening 
difficulties  and  in  most  adverse  conditions  to  suc¬ 
cessful  achievement  of  the  most  emphatic  kind.  To 
a  certain  extent  it  is  the  story  of  the  other  great 
undertakings  with  which  Yankee  grit,  inventive¬ 
ness  and  shrewdness  have  set  the  older  civilizations 
staring,  but  it  has  many  interesting  chapters  which 
are  all  its  own. 

Up  to  the  beginning  of  the  last  century  America 
was  obliged  to  look  to  England  for  practically  all  of 
its  woolens.  Household  making  of  cloth  had,  of 
course,  been  going  on  since  the  days  of  the  Puritan 
fathers,  and  in  some  places  more  than  enough  of  it 
to  supply  the  family  wants  was  made,  and  it  was 
sold  profitably.  The  hand  card,  the  spinning 
wheel  and  the  clumsy  wooden  hand  loom,  handed 
down  in  many  cases  from  the  original  settlers 
who,  no  doubt,  had  brought  them  from  their  homes 
across  the  sea,  were  the  implements  employed,  and 
they  were  no  more  efficient  than  they  had  been  for 
centuries  in  England  and  on  the  European  conti¬ 
nent.  In  a  report  to  Congress  on  the  subject  of 


The  Finance  and  Commerce  of  Boston  and  New  England. 


manufactures,  in  1791,  Secretary  Hamilton  refers 
to  the  household  manufacture  of  textiles  and  to  the 
making  of  woolens  in  particular,  saying  that  it  was 
confined  entirely  to  the  field  of  family  industry. 

Two  facts  account  in  large  part  for  the  compara¬ 
tive  slowness  with  which  the  factory  or  mechanical 
making  of  woolens  was  established  and  built  up 
during  the  last  half  of  the  eighteenth  century  and 
the  early  part  of  the  nineteenth.  One  was  the  lack 
of  raw  wool  in  the  United  States,  the  other  the  em¬ 
bargo  England  placed  upon  the  exportation  of  tex¬ 
tile  machinery  beyond  her  boundaries.  In  1802  the 
first  flock  of  genuine 
merino  sheep  were 
sent  to  this  country 
by  its  Minister  to 
Spain,  Col.  David 
Humphreys  of  Con¬ 
necticut.  There 
were  100  animals  in 
all,  and  they  subse- 
quently  supplied  the 
raw  material  for 
the  establishment 
of  Col.  Humphreys’s 
manufactory  of  cloth 
at  Humphrey ville, 

Conn.  Other  impor¬ 
tations  of  sheep  fol¬ 
lowed  rapidly  during 
the  next  ten  or  a  doz¬ 
en  years.  Prior  to 
this  period  neither 
the  quality  nor  the 
quantity  of  the  wool 
supplied  in  this  coun¬ 
try  was  such  as  to 
boom  manufacturing 
and  attempt  to  use 
raw  material  brought 
from  abroad  showed 
it  impossible  to  com¬ 
pete  successfully 
then  with  the  British 
manufacturers.  The  commercial  restrictions  at  the 
time  of  the  War  of  1812  are  said  by  authorities  to 
have  done  more  than  any  other  one  thing  ever  did 
before  or  has  done  since  to  improve  the  domestic 
clip. 

Heroic  efforts  were  put  forth  to  establish  an 
American  industry  in  the  manufacture  of  woolen 
products  by  machinery  and  power  as  early  as  1788, 
but  the  first  endeavors  in  this  direction  were  not 
very  successful.  They  led  to  experiments,  how¬ 
ever,  which  resulted  in  the  establishment  at  Byfield, 
Mass.,  in  1794,  of  the  first  woolen  factory  operated 


by  power  in  this  country.  As  much  of  the  diffi¬ 
culty  of  making  satisfactory  woolens  could  be  traced 
to  hand  carding,  the  first  improvements  were 
mechanical  cards.  The  first  carding  machine  was 
set  up  at  Byfield  and  then  there  was  little  further 
progress  until  the  embargo  of  1807  and  the  non¬ 
intercourse  act  of  1809  threw  the  people  of  the 
United  States  suddenly  on  their  own  resources. 
They  found  themselves  obliged  at  a  moment’s 
notice,  as  it  were,  to  make  at  home  what  they  had 
before  very  largely  imported,  and  they  took  up  the 
task  with  enthusiastic  energy.  No  other  industry 

was  so  prominent  in 
the  public  eye,  dur¬ 
ing  the  five  years  im¬ 
mediately  preceding 
the  War  of  1812  as 
the  manufacture  of 
wool.  F  actories 
were  built  and  the 
surplus  of  farm  labor 
was  diverted  to  the 
mills,  so  that  in  18 to 
the  census  takers 
found  that  woolen 
products  to  the  value 
of  $25,608,788  were 
made  and  5,452,960 
yards  of  cloth,  worth 
$4,117,308,  turned 
out,  as  cqntrasted 
with  the  15,000  yards 
annual  capacity  and 
a  yearly  output  worth 
$75,000  credited  to 
the  mills  at  the  be¬ 
ginning  of  the  cen- 
tury,  when  the  first 
census  was  taken. 

The  necessity  of 
furnishing  the  army 
and  navy  of  the  War 
of  18x2  with  all  man¬ 
ner  of  woolen  cloths 
gave  the  industry  a  special  impetus.  The  spinning- 
jenny,  first  introduced  in  America  by  Rhode  Island 
mills  in  1804,  came  into  general  use,  and  native 
invention  began,  the  activity  which  has  never  yet 
ceased.  In  the  single  year  of  1812  the  United 
States  Government  issued  237  patents  on  textile 
machines,  largely  to  be  used  in  woolen  factories. 
Steam  made  its  first  appearance  in  the  woolen  mills 
at  about  the  same  time. 

The  declaration  of  peace  at  Ghent  nearly  pros¬ 
trated  the  American  woolen  industry,  for  importa¬ 
tions  from  England  recommenced,  and  the  state  of 


EXCHANGE  CLUB. 

This  is  a  down-town  organization  of  business  men,  and  professional 
men ,  begun  in  1S92 ,  and  incorporated  a  year  later.  It  has 
numerous  dining  and  lunch  rooms ,  as  well  as  apart¬ 
ments  for  social  relaxation.  Its  members 
number  about  nine  hundred. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


28 


wool  supply,  the  still  imperfect  machinery — less 
efficient,  of  course,  than  that  which  its  foreign  com¬ 
petitors  had  been  working  over  for  many  years — 
and  the  reaction  of  prejudice  after  the  cessation  of 
hostilities  proved  nearly  fatal  handicaps.  Many 
of  the  manufacturers  of  that  day  had  rushed 
into  the  business  without  proper  training  or  suffi¬ 
cient  capital,  led  on  simply  by  the  rewards  it 
offered  under  the  unusual  conditions  arising  from 
the  war,  and  they  suffered  in  the  reaction,  of 
course.  Finally,  they  turned  to  Congress  for  relief, 
and  the  tariff  act  of  1816  was  largely  the  result 
of  their  efforts.  Then,  for  the  first  time,  the 
woolen  industry  was  placed  on  a  really  stable  foot¬ 
ing  and  it  has  ever  since  been  working  upward  and 
forward. 

The  representations  which  were  made  to  Con¬ 
gress  by  the  wool  manufacturers  in  1816  declared 
that  $1 2,000,000  was  invested  in  the  industry,  that 
$7,000,000  worth  of  raw  material  was  consumed  and 
$19,000,000  worth  of  goods  produced  in  the  whole 
country.  The  latest  figures  issued  by  the  Massa¬ 
chusetts  Bureau  of  Statistics  of  labor  show  a  very 
interesting  contrast  on  these  points  and  give  some 
idea  of  the  development  of  this  industry,  which  is 
now  confined  in  great  part  to  New  England  and  has 
become  one  of  the  most  important  branches  of  Mas¬ 
sachusetts  maniifacture. 

The  Bureau  of  Statistics  considered  140 — not  all, 
by  any  means — of  the  woolen  making  establish¬ 
ments  of  the  Commonwealth.  They  represented  an 
investment  of  close  to  $25,000,000 — twice  as  much 
as  the  manufacturers  of  the  early  days,  who  are 
suspected  of  having  exaggerated  somewhat,  too, 
claimed  for  the  whole  United  States.  They  iised 
stock  valued  at  $21,898,179,  an  increase  over  the 
consumption  by  this  one  State  in  the  previous  year 
of  almost  three  and  a  half  millions  and  tremendous 
increase  in  actual  quantity  over  the  estimate  for  all 
the  States  of  1816,  when  prices  were  many  times 
what  they  are  now.  The  product  of  Massachusetts 
mills  was  set  by  this  recent  report  at  a  little  more 
than  $38,000,000 — not  quite  six  millions  gain  over 
the  preceding  twelve  months.  Here  again  the  val¬ 
uation  of  Massachusetts  alone  is  now  double  what 
it  was  for  the  entire  United  States  in  1816,  and  the 
quantity  is  proportionately  greater  by  reason  of  the 
difference  in  prices. 

This  country  is  rapidly  becoming  the  great  wool 
manufacturing  centre  of  the  world.  Years  ago  it 
passed  the  Continental  European  nations,  and  it  is 
pressing  England  harder  and  harder  in  the  contest 
for  supremacy  in  this  branch  of  industry.  The  op¬ 
portunities  for  special,  technical  training,  which  is 
of  the  utmost  importance  in  this  particular  manufac¬ 
ture,  and  broad  American  energy  have  done  much  to 


put  the  United  States  in  its  present  position  and  are 
doing  more  every  day.  The  quality  of  American 
goods  is  kept  at  a  higher  point  in  nothing  else  than 
it  is  in  woolens,  and  other  factories  are  turning  out 
to-day  the  best  goods  that  can  be  found  in  any 
market. 

The  exportation  of  them  is  insignificant  at  the 
present  time,  for  as  yet  they  are  not  produced  in 
sufficient  amount  to  much  more  than  supply  the  de¬ 
mand  of  this  country’s  rapidly  increasing  popula¬ 
tion.  Where  they  have  gone  abroad,  however, 
they  have  won  their  way  easily,  and  there  is  every 
indication  that  their  future,  under  right  conditions, 
will  be  simply  another  step  in  the  American  inva¬ 
sion  of  the  mercantile  world.’  The  taste,  the  qual¬ 
ity,  and  every  advantage  in  workmanship  and  man¬ 
ufacture  are  on  their  side. 

It  is  a  matter  of  much  pride  to  New  England  and 
cause  for  much  honor  that  she  has  fostered  so  great 
an  industry,  brought  it  up  from  nothing,  watched 
over  and  protected  it  when  its  lines  lay  in  hard 
places,  brought  it  through  serious  crises  in  the  face 
of  overwhelming  odds,  given  it  her  interlect  and 
her  wealth,  and  made  it  powerful  and  respected  and 
a  credit  to  the  whole  nation. 

American  Woolen  Co. — There  is  probably  no 
greater  corporation  in  New  England,  excepting 
perhaps  the  quasi-public  service  corporations,  than 
the  American  Woolen  Co.  Necessity  for  econ¬ 
omy  in  the  manufacture  and  sale  of  woolen 
goods  was  the  chief  reason  for  the  organization  of 
this  immense  concern,  which,  by  combining  many, 
in  fact  almost  all  of  the  woolen  mills  of  New  Eng¬ 
land,  and  concentrating  their  operations,  has  been 
able  to  reduce  gross  expenditures  in  the  production 
of  goods,  and  in  some  cases  increase  the  output  of 
the  mills.  Like  many  other  great  corporations  of 
the  present  day,  in  this  country,  the  American 
Woolen  Co.  is  of  recent  origin.  This  company 
was  incorporated  on  March  26,  1899,  and  began 
business  in  the  following  month  of  that  year. 
It  has  a  capital  stock  paid  in,  of  $49,501,100,  of 
which  $20,000,000  is  preferred  stock  and  bears  7 
per  cent,  interest.  The  par  value  of  the  shares  is 
$100  each,  being  fully  paid,  non-assessable  and 
without  personal  liability.  The  company  is  auth¬ 
orized  to  issue  $40,000,000  of  common  stock  and 
$25,000,000  of  preferred  stock. 

Notwithstanding  the  fact  that  a  great  sum  of 
money  was  required,  the  organization  of  this  com¬ 
pany  was  effected  without  the  issue  of  bonds.  The 
stock  subscription  provided  working  capital  in  a 
sufficient. amount  to  meet  the  requirements  of  bus¬ 
iness.  The  properties  are  free  of  all  encumbrances, 
excepting  unmatured  bonds  existing  at  the  time 
of  the  purchase  of  two  of  the  mill  properties. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


29 


The  American  Woolen  Co.  operates  twenty-five 
various  woolen  or  worsted  mills,  and  to  run  these 
mills,  it  employs  20,000  men.  No  other  figure  can 
be  so  impressive  as  indicating  the  magnitude  of  the 
work  carried  on  by  the  company  as  that  which 
shows  the  great  army  of  employees  which  it  carries 
on  its  pay-rolls.  The  plants  of  the  American  Wool¬ 
en  Co.  comprise  603  acres  of  land, — equal  to 
a  good  sized  township,  and  the  mill  buildings,  prin¬ 
cipally  of  stone  and  brick,  containing  5,480,065 
square  feet  of  floor  space.  The  equipment  includes 
298,980  spindles,  541  sets  of  cards,  166  combs  and 
5,410  looms.  The  condition  of  these  properties  was 
excellent  at  the  time  they  were  purchased,  and  they 
have  been  kept  at  the  highest  point  of  efficiency. 
Since  the  organization  of  this  company  several  of 
the  mill  buildings  have  been  materially  enlarged, 
and  the  equipment  of  the  various  mills  has  been 
improved,  increased  and  readjusted  with  a  view  of 
concentration  of  operation,  economy  of  production, 
and  increase  of  output.  The  expenditure  for  im¬ 
provements  and  permanent  additions  of  this  char¬ 
acter  up  to  January  1,  1901,  amounted  to  about 
$i,75°,oo°  with  the  result  of  increasing  the  product¬ 
ive  power  of  the  mills  about  15  per  cent. 

It  is  interesting  to  note  in  the  Treasurer’s  report 
that  the  net  sales  of  this  company  from  the  time  it 
began  business,  April  17,  1899  to  January  1,  1901, 
amounted  to  nearly  $5 1,000,000,  and  produced  profits 
of  over  $5, 500,000. 

The  wide  range  of  the  products  of  the  American 
Woolen  Co.  is  shown  in  the  following  classes 
of  goods  which  it  advertises.  Beavers,  kerseys, 
fiezes,  meltons,  thibets,  wool  and  worsted,  plain 
and  fancy  overcoating,  coverts,  broadcloths,  Ven¬ 
etians,  granites  and  vicunas;  piece  dye  and  mixed 
clay  diagonals,  fancy  weave  piece  dyes  and  mix¬ 
tures  serges,  wool  and  worsted  cheviots,  all  grades 
of  worsted  and  wool  fancy  trouserings  and  suitings, 
and  wool  and  worsted  mercerized  fabrics.  This 
company  also  spins  worsted  yarns,  by  both  English 
and  French  systems.  For  its  products,  it  received 
the  highest  award,  gold  medal  at  the  Pan  American 
Exposition. 

All  the  plants  of  the  American  Woolen  Co. 
are  held  in  fee  with  the  exception  of  the  National 
and  Providence  Mills,  which  are  held  through  own¬ 
ership  of  97  39-100  per  cent,  of  its  capital  stock. 
In  other  words  the  company  now  owns  all  of  the 
common  stock  and  4,478  shares  of  the  preferred 
stock  of  the  National  and  Providence  Worsted 
Mills;  the  American  Woolen  Co.  also  holding 


a  contract  from  a  responsible  party  for  the  delivery 
to  it  of  the  balance  (522  shares)  of  the  preferred 
stock  of  the  National  and  Providence  Worsted 
Mills.  The  personnel  of  the  executive  manage¬ 
ment  and  directorate  is  the  same  as  that  of  the 
American  Woolen  Co. 

The  company  has  established  a  selling  depart¬ 
ment  for  its  products,  and  by  this  plan  has  received 
substantial  benefits.  It  completes  the  organization, 
and  renders  it  more  effective  because  of  closer  re¬ 
lations  with  the  market.  The  American  Woolen 
Co.  properties  include  the  following  mills:  Wash¬ 
ington  Mills,  Lawrence,  Mass.  ;  National  and 
Providence  Worsted  Mills,  Providence,  R.  I. ;  Sar¬ 
anac  Mills,  Blackstone,  Mass. ;  Fulton  Worsted 
Mills,  Fulton,  N.  V.  ;  Fitchburgh  Worsted  Mills, 
Fitchburg,  Mass.  ;  Beoli  Mills,  Fitchburg,  Mass.  ; 
Valley  Worsted  Mills,  Providence,  R.  I.  ;  Riverside 
Worsted  Mills,  Providence,  R.  I. ;  Assabet  Mills, 
Maynard,  Mass.  ;  Sawyer  Woolen  Mills,  Dover, 
N.  H.  ;  Bay  State  Mills,  Lowell,  Mass.  ;  Beaver  Brook 
Mills,  Lowell,  Mass. ;  Vassalboro  Woolen  Mills, 
North  Vassalboro,  Me. ;  Puritan  Woolen  Mills, 
Plymouth,  Mass. ;  Anderson  Mills,  Skowhegan,  Me.  ; 
Kennebec  Mills,  Fairfield,  Me. ;  Manton  Mills, 
Manton,  R.  I.  ;  Anchor  Mills,  Harrisonville  and 
Pascoag,  R.  I.  ;  Chase  Mills,  Webster,  Mass.  ; 
Brown  Mills,  Dover,  Me.  ;  Ray  Woolen  Mills, 
Franklin,  Mass.  ;  Weybosset  Mills,  Providence,  R. 
I. ;  Baltic  Mills,  Enfield,  N.  H.  ;  Moosup  Mills, 
Moosup,  Conn.  ;  Lebanon  Mills,  Lebanon,  N.  H. 

The  officers  of  the  American  Woolen  Co.  are 
as  follows: 

President,  Frederick  Ayer;  Vice-President, 
Frank  Hones;  Treasurer,  William  M.  Wood;  As¬ 
sistant  Treasurer,  Edward  P.  Chapin ;  Secretary, 
Joseph  T.  Shaw.  Directors:  Frederick  Ayer, 
Lowell,  Mass.  ;  Frank  Jones,  Portsmouth,  N.  H. ; 


AETNA  MILLS, 

MANUFACTURERS  OF  WOOLENS. 
KERSEYS,  CLOAKINGS,  ETC. 

266  DEVONSHIRE  STREET, 

BOSTON. 

49  LEONARD  STREET, 
NEW  YORK. 


30 


The  Finance  and  Commerce  of  Boston  and  New  England. 


William  M.  Wood,  Andover,  Mass.  ;  James  Phillips, 
Jr.,  Boston,  Mass.;  Edwin  C.  Swift,  Boston,  Mass. 
Charles  R.  Flint,  New  York;  Francis  W.  Kittredge 
Boston,  Mass. ;  Samuel  P.  Colt,  Providence,  R.  I. 
Edward  P.  Chapin, 

Andover,  Mass,  and 
J.  Clifford  Wood- 
hull,  Summit,  N.  J. 

William  M.Wood, 
the  Treasurer,  has 
his  office  in  the 
Ames  Building, 

Boston,  Mass.  The 
selling  agency  of 
the  American  Wool¬ 
en  Co.  is  in  New 
York  City  at  66-72 
Leonard  Street  and 
the  selling  agent  is 
J.  Clifford  Wood- 
hull,  whose  office  is 
at  that  address. 

L.  C.  Chase  tk  Co. 

—The  firm  of  L.  C. 

Chase  &  Co.  was  es-. 
tablished  about 
1  88o  by  L.  C.  and 
II.  F.  Chase.  They 
c o m m e n ce d  in  a 
small  way  the  man¬ 
ufacture  of  harness 
for  retail.  About 
1855  they  began  to 
manufacture  horse 
blankets,  halters 
and  surcingles  in  a 
small  way  for  the 
wholesale  trade. 

The  business  wa$ 
started  in  part  of 
the  store  now  occu¬ 
pied  by  the  French 
Carriage  Co.,  on 
Sudbury  street.  In 
1855  they  moved  to 
tlie  corner  of  Sud¬ 
bury  and  Portland 
streets,  and  occu¬ 
pied  that  block, 
from  which  time 
the  business  grew 
rapidly. 

In  1868  they  be¬ 
came  associated 
with  Thomas  Good- 
all  in  the  manufac¬ 


ture  of  carriage  robes  at  Sanford,  Maine,  L.  C. 
Chase  &  Co.  taking  the  sale  of  the  goods.  About 
this  time  they  also  became  the  selling  agents  for 
the  Troy  Blanket  Mills,  at  Troy,  N.  H.,  which 

corporation  has 
doubled  its  capacity 
several  times  in  the 
last  twenty  years. 
Eighteen  years  ago 
they  moved  to  their 
present  quarters, 
129  Washington 
street,  and  since 
their  establishment 
at  the  latter  place 
they  have  given  up 
retailing,  devoting 
their  entire  time  to 
the  wholesale  o  r 
jobbing  trade. 

Two  years  a  g  o 
they  moved  their 
manufact  u  r  i  n  g 
plant  f  r  o  m  129 
Washington  street 
to  a  very  large  fac¬ 
tory  at  the  corner 
of  Massachusetts 
avenue  and  Osborn 
street,  Cambridge. 

They  dispose  of 
the  product  of 
about  1,800  opera¬ 
tives  and  repre- 
sent,  without 
doubt,  the  largest 
manufactories  i  n 
the  world  of  carri¬ 
age  robes,  Mohair 
plushes,  horse 
blankets  and  rubber 
ducks  and  drills. 
This  concern  has 
had  a  steady  and 
continuous  growth, 
keeping  pace  with 
the  growth  of  the 
country. 

The  Chases  were 
succeede d  about 
twelve  years  ago  by 
John  Hopewell,  O. 
F.  Kendall  and 
Frank  Hopewell, 
the  present  mem¬ 
bers  of  the  firm. 


OLD  SOUTH  MEETING  HOUSE 

This  famous  l amt  mark  of  Boston  is  often  catted “  7  he  Sanctu¬ 
ary  of  Liberty Events  famous  in  the  history  of  Boston  and  the 
country  have  taken  place  within  its  7 oat  Is,  including  the  town  meet 
ing  70 hich  demanded  the  removal  of  the  British  troops  from  the 
city  following  the  "Boston  Massacre the  meeting  of  protest 
again  t  the  importation  of  tea;  and  Warren  s  oration  on  the  anni¬ 
versary  of  the  massacre,  in  March ,  1 775.  During  the  first  part 
of  the  Revolution  it  was  used  as  a  riding  school  for  the  British 
troopers,  the  pews  and  other  furniture  having  been  taken  out. 

In  /,S’7 2  its  use  as  a  place  of  worship  was  discontinued  by  the 
Old  South  Society,  which  three  years  later  moved  to  its  neso  church 
in  the  Back  Bay.  In  /Sy6  it  70 as  sold  to  be  torn  down  and  to  be 
replaced  by  a  mercantile  building,  but  at  this  point  the  Old  South 
Presbyterian  Committee  stepped  in  and  rescued  the  property,  pur¬ 
chasing  it  conditional ly  for  four  hundred  and  thirty  thousand 
dollars.  It  now  contains  a  valuable  and  interesting  collection  of 
historical  relics. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


31 


Cotton  Goods. 

A  GIGANTIC  INDUSTRY  IN  WHICH  NEW  ENG¬ 
LAND  EXCELS 

Considerably  more  than  a  quarter  of  all  the  money 
invested  in  manufacturing  in  Massachusetts  is  in 
the  capital  of  the  makers  of  cotton  goods.  The 
most  recent  State 
statistics  of  manu¬ 
factures,  issued  in 
1901,  showed  the 
total  amount  em¬ 
ployed  in  this  great 
industry  to  be 
$129,544,848,  an  in¬ 
crease  of  $50,000,- 
000  in  five  years, 
and  of  more  than  a 
million  and  a  half 
in  a  twelvemonth. 

In  the  matter  of 
industry  product  of 
the  amount  paid  in 
wages  and  of  “pro¬ 
fit  and  minor  ex¬ 
pense  fund  ” — three 
of  the  principal 
points  covered  by 
the  Bureau  of  Sta¬ 
tistics  of  Labor  in 
detail — cotton  goods 
stand  at  the  head  of 
the  nine  leading  in¬ 
dustries,  and  in  the 
value  of  stock  used 
and  of  goods  made 
they  are  second 
only  to  boot  and 
shoes,  which,  by 
the  sudden  develop- 
ment  of  recent 
years,  have  usurp¬ 
ed  the  position  cot¬ 
ton  textiles  held  for 
a  century.  On  every 
point  the  cotton 
mills  show  a  gain 
each  year  and  no 
competition  in  new 
fields — the  South 
being,  of  course, 
the  chief  factor — can 

The  practicality  and  determination  of  the  Puritan 
spirit  utilizing  to  the  utmost  the  wonderful  natural 
advantages  of  location  and  water-power  which  New 
England  proffers  with  such  a  generous  hand,  have 


been  from  the  beginning  and  are  to-day  the  basic 
elements  of  the  success  of  the  cotton  industry  here. 
Yankee  inventiveness  and  Yankee  shrewdness  in  its 
best  sense  have  developed  it,  splendid  shipping- 
facilities  that  have  extended  its  market  to  the 
nethermost  parts,  and  high  repute  grown  out  of  the 
hardest  tests  and  increased  by  consistent  progress¬ 
iveness  have  fos¬ 
tered  it.  The  story 
tells  of  a  series  of 
struggles  through 
most  adverse  con¬ 
ditions  and  over 
seemingly  uncon¬ 
querable  difficulties 
to  splendid  achieve¬ 
ment. 

There  is  no  phase 
of  her  history  of 
which  New  Eng- 
land  can  rightly  be 
prouder  than  the 
development  of  the 
commercial  indus¬ 
tries  which  have 
been  the  mainstay 
of  the  republic  at 
all  times  and  on 
which  its  power  and 
position  among  na¬ 
tions  so  largely  de¬ 
pend.  In  this  sat¬ 
isfaction  none  of 
six  Common¬ 
wealths  has  a  larger 
share  than  Massa¬ 
chusetts.  Here  the 
industries  found 
£h,eir  first  abiding- 
place  ;  here  they 
have  always  found 
encouragement 
and,  when  need  be, 
aid  and  protection ; 
here  were  laid  the 
strong  foundations 
of  a  reputation  for 
integrity  in  wares 
and  in  methods 
which  have  given 
the  American  man¬ 
ufacturer  strength  and  standing  abroad,  as  well  as 
at  home.  And  the  first  great  industries  were  textile 
industries,  and  the  first  among  the  textiles  was  cot¬ 
ton  cloth. 

Until  the  middle  of  the  eighteenth  century  spin- 


FANEUIL  HALL. 

Known  throughout  the  country  as  “  l he  Cradle  of  Liberty."  The 
first  Faneuil  Hall ,  built  in  1742 ,  was  primarily  a  market  /muse,  and 
was  set  up  on  the  site  of  the  town  market  house  in  old  Dock  Square, 
w hich  had  been  destroyed  by  a  mob  “  Disguised  as  clergymen."  Peter 
Faneuil  built  the  structure ,  and  gave  it  to  the  town.  The  first  public 
gathering  in  the  new  hall  was  curiously ,  the  delivery  of  a  eulogy  upon 
Faneuil  himself ,  who  died  suddenly  in  March ,  1743. 

Burned  in  1761,  the  building  was  replaced  by  the  town ,  and  was  by 
the  orator ,  Janies  Otis ,  dedicated  to  “  'The  cause  of  Liberty  In  1803  the 
building  was  materially  enlarged ,  and  now  stands  as  it  was  after  the 
changes  woe  made. 

During  the  siege  of  Boston  it  was  converted  into  a  playhouse. 
With  this  single  exception  its  mission  has  been  a  serious  one,  for  from 
its  rostrum  orators  have  spoken  from  revolutionary  times  to  the  present. 
'The  hall  is  never  let  for  money  but  is  at  the  disposal  of  the  people 
whenever  a  sufficient  number  of  persons,  complying  with  certain  regu¬ 
lations,  ask  for  the  opening. 

shake  them  from  their  position. 


3  2 


The  Finance  and  Commerce  of  Boston  and  New  England. 


rung  and  weaving  were  done  entirely,  by  hand.  It 
was  long  after  that  before  machinery  became  really 
useful  in  textile  making,  and  it  was  a  full  hundred 
years  before  the  great  mills  began  their  work. 
Meantime  every  family  was  obliged  to  make  its  own 
supply  of  cotton  cloth,  and  the  most  familiar  picture 
of  the  Puritan  maiden  or  house-wife  shows  her  at 
her  distaff  or  spinning  wheel. 

When  the  new  nation  had  subsided  from  the  ex¬ 
citement  and  disquiet  incident  to  the  Revolutionary 
War,  it  discovered  that  great  progress  had  been 
made  by  the  mother  country  in  cotton  cloth  making, 
and  with  characteristic  energy  turned  its  attention 
to  that  industry,  which  was  then  the  most  prom¬ 
inent  and  important  one.  The  obstacles  put  in  the 
way  of  obtaining  machinery  or  even  patterns  of 
machinery  from  Great  Britain  served  only  as  a 
stimulus  to  the  Yankee  inventor,  and  it  was  not  long 
before  he  had  equipped  the  Yankee  manufacturer  as 
well  as  his  brother  across  the  water,  was  equipped. 
The  inventor’s  work  has  never  ceased,  and  to-day  the 
American  textile  mills  are  the  best  equipped,  best 
managed  and  best  producing  mills  in  the  world. 

The  cotton  cloth  making  business,  as  it  exists  now, 
started  in  Lowell  in  1843.  The  exceptional  water 
power  which  the  Merrimac  River  could  furnish  first 
attracted  attention  to  that  location,  and  far-seeing 
men  who  were  already  making  cotton  goods  else¬ 
where — on  what  would  be  considered  a  very  small 
scale  nowadays — took  prompt  advantage  of  it. 
One  mill  followed  another  in  rapid  succession  until 
the  greatest  centre  of  its  kind  on  the  continent  was 
built  up  by  degrees.  Meanwhile  other  men  had 
been  equally  active  in  other  places  and  other  textile 
making  enterprises  of  great  importancce  had  come 
into  being.  New  Englanders  were  back  of  them 
and  their  indomitable  perseverance  brought  imme¬ 
diate  vigor  and  ultimate  success.  From  the  day  of 
its  inception  cotton  cloth  making  has  flourished  in 
New  England  as  nowhere  else. 

AVhen  the  South  began  extensive  mill  construc¬ 
tion  there  were  predictions  of  serious  results  to 
New  England  cotton  interests  from  Southern  com¬ 
petition,  which  would  have  the  advantage  of 
obtaining  its  raw  material  almost  without  transpor¬ 
tation  cost.  There  was  a  natural  flurry  which 
made  some  impress,  probably,  on  the  statistical 
figures,  but  from  which  recovery  was  almost  im¬ 
mediate.  The  figures  of  the  building  of  mills 
during  the  last  half  of  1901  show  that  New  England 
does  more  than  hold  its  own.  Not  only  have  the 
old  establishments,  with  their  enormous  productive 
capacity,  flourished,  but  the  demand  has  been  such 
that  five  new  cotton  mills  have  been  built,  three  of 
them  being  located  in  Massachusetts. 

This  gain,  despite  powerful  competition,  is  proba¬ 


bly  traceable  to  four  things,  which,  while  they  in 
no  way  intimate  any  discredit  to  other  parts  of  the 
country,  have  always  given  this  section  especial 
advantages  in  both  domestic  and  foreign  markets. 
One  is  the  quality  of  the  goods  produced;  another 
the  circumstances  and  surroundings  in  which  they 
are  made ;  third,  the  peculiar  transportation  advant¬ 
ages  which  are  enjoyed  here,  and  fourth,  the  char¬ 
acter  of  the  men  engaged  in  the  vast  textile  busi¬ 
ness,  those  who  own  the  manufacturing  plants  and 
whose  money  operates  them  and  brains  direct  them. 

There  is  no  question  but  that  cotton  goods  are 
made  under  well-nigh  ideal  conditions  in  the  New 
England  mills.  The  materials  and  machinery  are 
the  best  to  be  had;  that  is  to  be  taken  for  granted 
in  the  case  of  New  England  manufactures  to-day. 
But  the  operatives  are  of  superior  intelligence  and 
character  beyond  the  mere  skill  called  for  by  their 
work,  and  their  employers,  realizing  the  commercial 
value  of  that,  as  well  as  having  a  wholesome  idea  of 
duty  derived  from  Puritan  ancestry,  perhaps,  do  all 
in  their  power  to  encourage  and  improve  the  excel¬ 
lent  state  of  affairs.  The  sanitary  condition  of  the 
mills  and  the  operatives’  homes  is  carefully  watched 
over,  and  whatever  is  thought  to  give  the  product 
worth  and  quality  in  other  ways  is  liberally  pro¬ 
vided. 

The  transportation  facilities  and  advantageous 
freight  rates  bring  the  mills  closer  to  the  supplies 
of  raw  material  and  to  the  customer  as  well  at  an 
economical  expenditure.  The  men  who  direct  the 
great  mill  enterprises  are,  many  of  them,  descended 
from  the  founders  of  their  establishments.  They 
have  grown  up  with  their  factories  and  their  enter¬ 
prise  and  keenness  have  figured  largely  in  the 
latter’s  development.  They  have  the  respect  and 
confidence  of  the  commercial  world. 

From  a  child  of  immediate  necessity  cotton  manu¬ 
facture  here  has  grown  to  be  of  far-reaching  import¬ 
ance.  One  indication  of  its  wide  market  is  in  the 
loss  of  trade  for  a  time  which  resulted  from  the  war 
in  China  and  the  prompt  improvement  when  hostili¬ 
ties  ceased  and  the  business  of  the  Celestial  Empire 
was  resumed.  There  is  no  country  on  the  face  of 
the  globe  that  it  does  not  touch,  and  there  are  many 
in  which  it  is  supreme. 

Some  of  the  plain  facts  about  the  making  of  cot¬ 
ton  goods  in  Massachusetts,  as  told  by  the  last  State 
statistics,  are  interesting.  That  alone  of  the  nine 
leading  industries  approached  doing  business  to  the 
full  amount  of  its  capacity,  the  average  proportion 
for  the  year  being  more  than  91  per  cent.  The 
average  yearly  .earnings  per  individual  increased 
not  quite  5  per  cent,  in  the  same  period.  The 
total  amount  paid  employees  in  wages  was  almost 
12  per  cent,  larger  than  it  had  been  the  year  before, 


33 


The  Finance  and  Commerce  of  Boston  and  New  England. 


while  the  percentage  of  increase  in  the  number  of 
persons  employed  was  but  2.71. 

There  were,  on  the  average,  92,625  operatives, 
44,144  of  them  women  or  girls.  The  largest  num¬ 
ber  of  employees  found  occupation  in  March,  the 
smallest  in  August,  when  4. 1  per  cent,  of  the  maxi¬ 
mum  number  were  unemployed.  This  is  a  very 
much  better  showing  than  any  other  industry  made. 

The  value  of  the  goods  made  in  the  year  these 
statistics  cover  was  $127,964,445,  a  gain  of  some¬ 
thing  more  than  $27,000,000  over  the  record  of  the 
year  before.  Only  two  other  industries  passed  the 
hundred  million  dollar  mark  that  year,  and  one  of 
those  was  $25,000,000  below  cotton  goods. 

Atlantic  Cotton  Mills. — The  Atlantic  Cotton 
Mills  of  Law¬ 
rence,  Mass., 
have  for  many 
years  manufac¬ 
tured  the  cele¬ 
brated  and  pop¬ 
ular  Atlantic 
wide  sheetings 
and  pillow  tub- 
ings  in  all 
widths. 

This  com¬ 
pany  has  al¬ 
ways  maintain¬ 
ed  a  high  stand¬ 
ard  of  excel¬ 
lence  in  the 
United  States 
and  abroad. 

They  make  a 
large  variety 
of  narrow  sheet¬ 
ings  and  other 
fabrics,  among 
which  are  the 
“Standard 
Sheetings,”  which^are  very  popular  with  buyers  all 
over  the  world. 

In  the  far  East  “  Standard  Sheetings,”  the  pro¬ 
duct  of  the  Atlantic  mill  find  their  way  and  have  a 
very  firm  hold  on  the  buyers  in  that  country.  The 
people  of  the  Indian  and  Oriental  countries  are 
known  as  the  best  judges  in  this  class  of  fabrics 
and  only  use  goods  of  a  very  high  standard.  This 
is  perhaps  the  reason  why  the  Atlantic  mills  wisely 
chose  an  eastern  name  for  their  goods  sold  in  those 
countries.  The  trade  mark  used  there  is  ‘  ‘  Leopard  ” 
(which  is  generally  regarded  as  the  “  most  beautiful 
of  beasts”),  and  the  name  of  which  is  a  synonym 
for  excellence  and  reliability  of  manufacture. 

The  Atlantic  Cotton  Mills  were  established  in 


1S46,  and  during  the  last  half  century  have  never 
deviated  in  the  excellence  of  their  justly  famous 
high  class  product  of  the  mills,  which  are  sold  to 
the  trade  by  the  well-known  dry  goods  commission 
houses  of  Messrs.  Armory,  Brown  &  Co. 

Pepperell  Manufacturing  Co. — The  growth  and 
development  of  the  cotton  manufacturing  industry 
in  New  England  is  well  represented  by  the  Pep¬ 
pered  Manufacturing  Company,  which  has  its  mills 
at  Biddeford,  Maine.  This  company,  established 
in  1844,  has  participated  for  fifty-seven  years  in  the 
varied  history  and  successes  of  the  cotton  manufac¬ 
turing  industry.  It  has  seen  marvelous  changes 
during  that  time  in  methods  and  machinery,  and 
has  always  kept  in  the  forefront  of  this  great  in¬ 
dustry.  T  h  e 
company  has  a 
capitalization 
°f  $2,556,000, 
and  its  mills 
give  employ¬ 
ment  to  3,500 
operatives. 
Cotton  drills, 
flannels  and 
sheetings  are 
the  chief  pro¬ 
ducts.  The 
Treasurer  is 
Mr.  P.  Y.  De 
Normandie, 
who  has  his  of¬ 
fice  at  30  Kilby 
street,  Boston. 

Tremont  & 
Suffolk  Mills. 
— It  was  seven¬ 
ty  years  ago  in 
Lowell,  Mass., 
that  the  cotton 
manufactur¬ 
ing  industry  now  represented  by  the  Tremont  & 
Suffolk  Mills,  was  first  established.  Forty  years 
later,  August  19,  1871,  the  present  corporation  was 
formed  by  a  consolidation  of  the  Tremont  Mills  and 
the  Suffolk  Manufacturing  Co.  These  mills  manu¬ 
facture  canton  and  French  flannels,  cotton  blankets 
and  hosiery  yarn  and  have  a  world-wide  reputation 
for  their  products.  In  these  mills  3,500  persons 
find  employment,  and  the  capital  represented  in 
the  business  is  $2,000,000.  The  Treasurer  is  A.  S. 
Covel,  whose  office  is  at  70  Kilby  street,  Boston, 
Mass.  Smith,  Hogg  &  Gardner  are  the  selling 
agents  both  in  Boston  and  in  New  York. 

York  Manufacturing  Co. — Among  the  older 
New  England  corporations  engaged  in  the^manu- 


34 


The  Finance  and  Commerce  of  Boston  and  New  England. 


facture  of  colored  cotton  goods  are  the  York 
Manufacturing  Co.,  of  Saco,  Maine,  and  the 
Everett  Mills,  of  Lawrence,  Mass.  The  former 
company  was  established  in  1831,  and  for  seventy 
years  had  held  a  prominent  place  among  the  cotton 
manufacturing  concerns  of  New  England.  It  is 
capitalized  for  $900,000,  and  employs  1,650  hands. 
The  Everett  Mills,  which  manufacture  the  same 
class  of  goods,  have  a  capital  of  $700,000,  and  em¬ 
ploy  1,050  operatives.  These  mills  were  estab¬ 
lished  in  i860,  and  the  work  thus  inaugurated  during 
the  trying  days  of  the  Civil  War  has  been  carried 
on  with  increasing  output  until  the  present  time. 

Cotton  and  Cdoolens. 

TWO  GREAT  INDUSTRIES  COMBINED  SUCCESS¬ 
FULLY  AND  PROFITABLY  IN 
MASSACHUSETTS. 

While  the  manufacture  of  cotton  goods  and  the 
making  of  woolens  are  distinct  industries,  their  com¬ 
bination  is  not  unnatural,  and  at  least  one  concern 
in  New  England  is  engaged  in  both  lines  at  the  same 
time.  The  magnitude  of  such  an  enterprise  and  the 
intricacies  of  its  management  are  as  evident  as  its 
advantages. 

Not  only  are  the  operations  in  cotton  and  woolen 
cloth  making  different  in  so  far  as  the  nature  of  the 
mechanism  used  goes,  but  the  training  and  experi¬ 
ence  required  for  one  are  essentially  dissimilar  from 
those  the  other  needs.  The  raw  materials  for  the 
two  kinds  of  goods  and  their  finished  products  are 
bought  and  sold  in  widely  separated  markets,  and 
dealing  in  each  is  a  business  by  itself.  Success  is, 
of  course,  dependent  upon  a  thorough  understand¬ 
ing  of  all  the  minute  details  of  both  industries  if 
they  are  to  be  combined  in  one  concern,  and  the 
success  which  has  been  attained  in  New  England  in 
such  circumstances  is  a  high  tribute  to  Yankee 
genius  and  thoroughness. 

That  the  part  of  the  country  where  American  tex¬ 
tile  making  had  its  origin,  where  it  grew  so  remark¬ 
ably  as  it  has  in  the  last  century  and  a  half,  and 
where  it  has  always  been  strongest,  should  be  the 
place  for  such  a  combination  as  that  of  cotton  and 
woolen  milling  is  natural  and  that  such  satisfactory 
results  should  be  wrought  is  doubtless  due  to  the 
elements  which  enter  into  New  England  textile  en¬ 
terprise. 

Textile  Blcacbmes. 

COTTON  FABRICS  OF  THE  EAST  AND  SOUTH 
FINISHED  IN  GREAT  NEW  ENGLAND 
ESTABLISHMENTS. 

A  visit  to  a  big  bleacherv,  several  of  which  of 
great  capacity  are  located  in  the  vicinity  of  Boston, 


is  quite  apt  to  be  a  revelation  to  one  who  is  unfamiliar 
with  the  method  of  transforming  cotton  cloth  from 
the  natural  color  into  a  condition  of  snowy  white¬ 
ness  all  ready  for  the  market.  The  visitor  is  also 
sure  to  be  surprised  to  learn  how  extensively  this 
industry  is  carried  on  all  about  us. 

In  the  first  place  New  England  is  a  center  for  the 
manufacture  of  cotton  fabrics,  great  mills  being 
located  in  every  State,  and  as  all  this  great  output 
has  to  be  bleached,  it  is  natural  that  the  bleach- 
eries  situated  near  the  metropolis  of  the  East  should 
be  well  patronized.  The  local  bleacheries  receive 
their  unfinished  material  from  all  the  great  mills  of 
the  East,  and  from  many  in  the  South,  while  the 
major  portion  of  the  bleached  cloth  is  shipped  to 
the  West. 

Some  idea  of  the  enormous  industry  that  the 
bleaching  of  cotton  goods  is  in  this  locality  is 
gained  from  the  statement  that  one  big  bleachery 
situated  near  Boston  has  a  capacity  of  150  tons  per 
week.  It  is  understood  that  these  works  are  run  to 
their  full  capacity  the  greater  part  of  the  year,  and 
fall  below  it  only  during  certain  quiet  seasons. 

The  origin  of  the  processes  of  bleaching  is  lost  in 
obscurity.  Linen  bleaching  was  known  in  Scrip¬ 
tural  times.  The  bleaching  of  cotton  goods  has 
been  done  in  the  United  States  for  a  hundred  years 
or  more,  the  firm  above  alluded  to  having  been  es¬ 
tablished  very  early  in  the  nineteenth  century. 
The  industry  has  steadily  grown,  keeping  pace  with 
the  manufacture  of  cotton  fabrics  in  this  country. 
The  bleacheries  of  Massachusetts  are  among  the 
largest  in  the  world. 

Hs  a  Cdool  JVIart. 

BOSTON  LEADS  THIS  COUNTRY  AND  IS 
SECOND  TO  LONDON  ONLY— 

A  GREAT  RECORD. 

As  a  wool  market  Boston  leads,  and  always  has 
led,  the  country  for  a  long  distance.  It  is  second 
to  London  alone.  In  1899,  indeed,  its  transactions 
in  wool  were  the  largest  in  the  world.  It  has 
never  but  twice  before  done  such  an  enormous  vol¬ 
ume  of  business  in  this  particular  line  as  it  did  last 
year. 

These  two  “banner”  years — 1897  and  1899— 
were  characterized  by  very  unusual  speculative 
activity,  with  the  consequent  boom  in  prices,  from 
which  it  required  a  considerable  time  to  recover. 
The  result  was  that  in  1900  sales  fell  off  consider¬ 
ably,  but  when  the  tide  turned,  as  it  did  early  last 
year,  the  rise  was  rapid,  and  the  total  for  1901  was 
almost  twice  that  for  the  preceding  twelve  months. 
The  supremacy  and  growth  of  Boston  as  a  wool 
market  is  strikingly  told  in  the  statement  of  the 


The  Finance  and  Commerce  of  Boston  and  Neiv  England. 


35 


number  of  pounds  sold  here  annually  since  1890, 
which  follows: 


Years.  Pounds. 

i89° . 141,979,990 

1891  . . 142,652,560 

1892  . 175,658,829 

*893  . 124,171,000 

1894  . 142,738,085 

1895  . .  219,564,247 

1896  . .  .  i48,45°,3°° 

1897  •  •  • . .  361,63  2, 100 

1898  . 141,132,510 

1899  •  -  • . 347,185,776 

1900  . .  46, 9  7  5 , 100 

1901  . 272,738,900 


Beginning  with  the  year  1895,  it  will  be  seen  that 
the  years  have  alternated  in  respect  to  the  volume 
of  business  done.  In  1895  the  sales  reached  a  total 
of  about  220,000,000  pounds,  in  1896  they  had 
dropped  to  148,450,300  pounds.  In  1897  they  rose 
again,  reaching  the  large  total  of  361,632, 100  pounds. 
In  1898  they  fell  off  again,  the  total  declining  to  1 4 1 ,  - 
132,510  pounds.  In  1889  they  again  increased  to 
347,185,776  pounds,  but  during  1900  dropped  to 
146,975,100,  and  now,  during  the  year  1901,  they 
have  risen  to  272,738,900  pounds. 

In  the  past  year  Boston  imported  but  less  wool 
than  it- did  in  1900,  the  total  in  pounds  being  53,- 
488,023.  Exports  were  practically  naught — 1,436 
pounds. 

As  showing  the  lead  which  Boston  has  in  wool 
dealing  a  comparison  of  the  supplies  of  wool,  exclu¬ 
sive  of  that  in  bond,  in  the  three  important  markets 
of  the  country  at  the  beginning  of  this  year  and 
last  as  follows : 


1901.  1900. 

Boston . 80,110,000  94,749,000 

New  York . 8,879,000  14,259,800 

Philadelphia . 17,685,000  22,682,646 


The  total  supply  in  the  United  States  at  the  same 
time,  exclusive  of  wool  in  bond,  was  177,191,000 
pounds  this  year  and  294, 537,338  pounds  last  year. 
Boston,  then,  would  seem  to  have  almost  one-half 
of  the  visible  stock  of  the  country.  The  decrease 
in  the  stock  on  hand  from  last  year  was  due  to  the 
better  general  conditions  and  the  Boston  dealers, 
with  the  good  prices  they  can  command  now  and 
the  steadiness  of  the  market,  have  promise  of  an¬ 
other  record  year. 

Mauger  &  Avery. — Among  the  wool  brokers  and 
commission  merchants  of  New  England  the  firm  of 
Mauger  &  Avery,  located  at  105  Reade  street, 
New  York,  with  a  branch  at  564  Atlantic  avenue, 
Boston,  is  well  known  as  a  house  of  conservative, 
yet  progressive  methods.  The  firm  was  established 
in  New  York  in  1873,  by  Nicholas  Mauger  and 


Charles  Avery,  and  to-day  the  members  of  this 
house  are  considered  among  the  leading  authorities 
in  this  country  on  matters  pertaining  to  wool,  and 
have  been  appointed  by  the  government  as  experts 
upon  committees  having  to  do  with  tariff  classifica¬ 
tion  of  wool.  Their  business  embraces  the  import¬ 
ing  of  high-class  French  wools,  silk  wools,  Austra¬ 
lian  lamb  wools,  camels  hair  wools,  cashmere, 
vicuna,  etc. 

Cotton  Buyers. 

IMPORTANT  FACTORS  IN  COUNTRY’S  GREATEST 
TEXTILE-MAKING  STATES-A 
GROWING  BUSINESS. 

Of  course  the  cotton  buyers  are  an  important  fac¬ 
tor  in  the  mercantile  life  of  the  States  in  which  the 
manufactures  of  cotton  are  close  to  the  top  of  the 
list  of  leading  industries,  and  they  have  become  of 
especial  consequence  to  New  England  mill  owners, 
since  the  springing  up  of  competition  in  the  South¬ 
ern  States,  where  it  has  the  advantage  of  proximity 
to  the  plantations  which  supply  most  of  the  world 
with  the  raw  material  for  cotton  fabrics.  In  fact 
the  buyers  are  becoming  of  greater  importance  with 
each  year  and  with  the  constantly  increasing  con¬ 
sumption  of  the  mills  for  which  they  act  their  busi¬ 
ness  is  expanding  to  greater  proportions  each 
month. 

Ever  since  its  recovery,  after  the  interruption 
caused  by  the  Civil  War,  the  business  of  buying 
raw  cotton  has  been  a  growing  one.  The  develop¬ 
ment  of  Boston’s  coastwise  shipping  and  of  New 
England’s  railroad  facilities,  with  the  very  favorable 
transportation  rates  which  have  accompanied  them, 
have  been  supplemented  in  giving  it  impetus  by  the 
giant  strides  of  the  mills  in  their  production  of  the 
finished  goods  and  the  output  of  thousands  of  addi¬ 
tional  spindles.  With  the  markets  of  the  world 
thrown  open  to  the  goods  from  American  looms 
and  print  works,  and  the  spreading  reputation  of 
American  business  men  abroad,  the  amount  of  cot¬ 
ton  purchased  through  New  England  buyers  has 
increased  from  thousands  of  pounds  to  thousands  of 
tons. 

Manufacture  of  Carpets. 

A  FLOURISHING.  GROWING  INDUSTRY,  PRAC¬ 
TICALLY  ALL  OF  WHICH  IS 
NEW  ENGLAND’S. 

There  are  but  two  carpet  weaving  mills  of  conse¬ 
quence  in  the  United  States  outside  of  New  Eng¬ 
land.  The  full  significance  of  that  statement  is  evi¬ 
dent  when  the  amount  of  carpeting  needed  for  the 
comfort  of  90,000,000  people  is  considered.  Making 


36 


The  Finance  and  Commerce  of  Boston  and  New  England. 


carpetings  is  not  so  big  an  industry  in  Massachu¬ 
setts  as  some  other  lines  of  manufacture,  perhaps, 
but  it  is  included  among  the  nine  leading  industries, 
and  shows  a  gain  in  volume  of  product  and  in  pro¬ 
fit  every  year  which  gives  promise  of  a  great 
future. 

The  growth  of  the  carpet  industry  has,  in  a  way, 
a  special  significance.  Carpeting  was,  to  a  certain 
extent,  a  luxury  in  the  early  days  of  American  tex¬ 
tile  making.  Floor  coverings  were  home-made  in 
many  places,  and  the  market  was  proportionately 
unattractive  by  reason  of  its  limitations.  The  im¬ 
portation  of  carpets  was  largely  depended  on  to 
meet  the  demand.  The  American  manufacturer 
had  to  take  the  field  as  a  competitor  to  a  well-estab¬ 
lished  and  prosperous  trade.  As  has  happened  in 
many  similar  cases,  however,  when  the  scope  of 
textile  machinery  had  widened  so  as  to  include  fab¬ 
rics  for  the  purpose  of  covering  floors,  the  Yankee 
stepped  forward,  and  by  the  quality  of  what  he 
made  and  the  economy  of  his  method  of  making  it 
soon  had  his  rival  hard  pushed. 

To-day  there  are  no  finer  carpetings  in  the  world 
than  those  made  in  this  country.  They  have  won  a 
place  of  distinction  in  home  and  foreign  markets 
alike.  And  much  the  largest  part  of  them  are  the 
product  of  New  England’s  factories. 

Bigelow  Carpet  Co. — The  present  Bigelow  Car¬ 
pet  Co.  was  incorporated  in  1899  with  a  capital  of 
^$4,030,000,  being  a  consolidation  of  the  Bigelow 
Carpet  Co.,  incorporated  1854  and  the  Lowell  Man¬ 
ufacturing  Co.,  incorporated  1828. 

The  invention  of  Erastus  B.  Bigelow  of  a  power 
loom,  marks  distinctly  an  epoch  in  the  manufacture 
of  “Terry  Fabrics”  under  which  head  all  tapestry 
Brussels,  tapestry  velvet,  Jacquard  Brussels  and 
Wilton  carpets  are  classed. 

The  Lowell  Ingrains  were  the  first  made  on 
power  looms  and  they  took  and  have  always  main¬ 
tained  the  first  place  in  the  market. 

In  June,  1866,  Mr.  E.  B.  Bigelow  succeeded 
Stephen  F airbanks  as  President  of  the  Bigelow 
Carpet  Co.,  until  his  death,  when  Mr.  James  H. 
Beal  was  elected.  Mr.  C.  A.  Whiting  succeeded 
H.  N.  Bigelow  as  Treasurer,  and  upon  his  death 
C  harles  F.  Fairbanks  was  elected.  The  capital  was 
increased  to  $1,000,000  in  1875. 

The  recent  union  of  the  Lowell  and  Bigelow 
Companies  secures  to  the  new  Bigelow  Carpet  Co. 
the  best  lines  of  Axminster,  Wilton,  Brussels  and 
Ingrains  made  in  the  United  States,  and  as  evi¬ 


dence  of  the  popularity  of  this  company’s  goods, 
and  the  steady  demand  for  carpets  in  the  United 
States,  comparison  may  be  made  between  the  pro¬ 
duction  of  carpets  in  this  country  in  1810,  about 
10,000  yards,  and  the  present  output  of  the  com¬ 
pany’s  mills,  over  7,000,000  yards  yearly. 


THE  CONTINENTAL  MILLS, 
LEWISTON,  ME. 

SHEETINGS,  TWILLS  LAWNS,  SATEENS, 
MUSLINS,  COARSE  AND  FINE  YARNS,  ETC. 

BOSTON  OFFICE: 

31  BEDFORD  STREET. 

C.  H.  WOOD, 

TREASURER  AND  SELLING  AGENT. 


THE  FARWELL  BLEACHERY. 
JOHN  W.  FARWELL,  TREAS. 


MANUFACTURERS 

SHEETINGS,  SHIRTINGS,  .LAWNS,  ORGANDIES, 
DIMITIES  AND  FINE  FANCY  GOODS. 

BOTH  BLEACHED  AND  COLORED  A  SPECIALTY. 


LAWRENCE,  MASS. 

BOSTON  OFFICE:  56  SUMMER  STREET. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


HAMILTON  WOOLEN  COMPANY, 

LUCE  &  MANNING, 

BOSTON  OFFICE, 

WOOL, 

138  FEDERAL  STREET, 

18  POST  OFFICE  SQUARE. 

BOSTON,  MASS. 

■ 

THE  WALTHAM  BLEACHERY  AND  DYE  WORKS. 

BLEACHING,  DYEING  AND  FINISHING 

STEPHEN  M.  WELD  &  CO., 

A  SPECIALTY. 

COTTON  MERCHANTS, 

89  STATE  STREET,  BOSTON,  MASS  , 

WALTHAM,  MASS 

AND 

16  to  22  WILLIAM  STREET, 

BOSTON  OFFICE:  50  STATE  STREET. 

NEW  YORK. 

G.  E.  JORDAN,  AGENT. 

I" 


Ccxtilc  JVIacbuicry  and  the  JMarvels  of  JMecbamcal 

Genius  that  Originate  in 
Puritan  Land. 


NEW  ENGLAND  INVENTORS  AND  MACHINISTS  LARGELY  RESPONSIBLE 
FOR  THE  GROWTH  OF  MANUFACTURES— THE  FIRST  SUCCESS¬ 
FUL  COTTON  FACTORY  IN  THE  WORLD— SOLID  AND 
STEADY  IMPROVEMENTS  A  MIGHTY 
INCENTIVE  OF  TRADE. 


“^'T  is  owing  to  the  fact  that  New  England 
inventors  and  machinists  have  produced  so 
much  new  machinery  for  the  manufacture 
of  textile  fabrics  that  the  textile  industry 
has  grown  to  such  proportions  in  this  part  of  the 
country.  The  first  successful  cotton  factory  in  the 
world  was  started  in  Massachusetts,  and  from  that 
day  to  this  there  has  been  a  steady  improvement  in 
textile  machinery. 

A  Boston  man  introduced  the  first  power  loom, 
which  has  been  developed  into  a  mechanical  wonder. 
New  England  textile  manufacturers  have  always 
been  quick  to  adopt  every  improvement  in  ma¬ 
chinery,  and  this  has  ever  been  a  mighty  incentive 
to  its  improvement  and  manufacture. 

So  successful  have  the  makers  of  textile  machinery 
been  that  they  have  been  able  to  compete  even  in 
foreign  markets  with  notable  success  and  profit. 
Combined  lightness  and  strength  distinguishes  New 
England-made  textile  machinery,  much  of  which  is 
manufactured  in  the  old  Bay  State. 


Ox  Strong  Glcmcnt  in  Hmcrican  progress. 

It  was  almost  a  necessary  consequence,  as  it  was 
certainly  a  natural  development,  that  having  given 
their  first  home  to  the  great  American  textile  in¬ 
dustries  New  England  should  be  foster  mother  to 
the  manufacture  in  some  ways  most  closely  related 
to  them — the  making  of  textile  machinery.  So  she 
is  entitled  to  be  called  a  special  benefactress  of 
the  country,  for  the  first  American  machine  shops 
were  built  to  produce  textile  machinery  and  from 
them — often  in  them — sprung  up  the  host  of  me¬ 


chanical  wonders,  of  labor-saving  and  labor-help¬ 
ing  devices,  of  marvelous  engines  and  almost  hu¬ 
man  mechanisms,  which  are  the  pride  of  modern 
times  and  which  have  been  the  greatest  single  fac¬ 
tor  in  raising  the  United  States  to  its  high  place 
among  nations.  And  first  and  foremost  among  tex¬ 
tile  machines  came  and  still  stand  those  for  making 
cotton  cloth. 

From  the  landing  at  Plymouth  there  have  been 
weavers  and  spinners  in  New  England.  Exiles,  prac¬ 
tically  outcasts,  the  puritan  forefathers  had  to  seek 
in  their  own  rude  homes  the  means  of  covering 
themselves  from  the  inclemency  of  a  climate  which 
was  harsher  to  them,  because  it  was  unaccustomed. 
It  was  not  possible  then  to  bring  across  the  water 
what  their  needs  cried  out  for,  and  so  they  set 
themselves  to  making  it  with  their  own  hands.  As 
others  followed  them,  from  England,  and  the  neces¬ 
sity  increased,  industry  kept  pace.  Many  had 
worked  in  their  old  homes  with  spindle  and  shuttle, 
and  their  women  knew  the  use  of  the  carding 
comb  and  the  wheel. 

As  the  colonies  grew  and  other  thoughts  than 
those  of  supplying  only  the  most  pressing  wants  of 
human  life  found  place  the  making  of  materials  for 
clothing  and  for  household  use  suggested  itself 
among  the  first,  of  course.  Here  the  colonies  found 
themselves  in  a  difficult  predicament,  however,  for 
the  mother  country,  which  had  just  begun  the  de¬ 
velopment  of  the  textile  industries  by  machinery, 
jealous  of  the  future  which  she  saw  in  them,  for¬ 
bade  the  exportation  from  her  shores  to  any  foreign 
parts  of  “  utensils  made  use  of  in  the  cotton,  linen, 


The  Finance  and  Commerce  of  Bos/on  and  New  England. 


39 


woolen  and  silk  manufactures  ”  of  her  people. 
This  set  the  spur  at  once  to  Yankee  ingenuity  and 
this  same  prohibition,  which  was  continued  in  force 
almost  until  the  middle  of  the  last  century,  turned 
out  to  be  the  starting  point  of  American  industrial 
independence. 

Cotton  manufacture  was  what  Great  Britain  espec¬ 
ially  wished  to  keep  to  herself,  for  in  that  had  most 
of  the  mechanical  improvements  been  made ;  in  fact, 
the  first  textile  machinery  was  contrived  for  the  spin¬ 
ning  and  weaving  of  cotton.  The  Act  of  Parliament 
against  exporting  machines  seems  to  have  proved 


This  policy  on  Great  Britain’s  part  overreached 
itself.  Furnished  by  nature  with  splendid  power  in 
her  many  streams,  New  England  was  not  to  be  re¬ 
tarded  in  her  progress  by  outside  inference,  and 
forced  to  be  self-creative  and  self-reliant  her  ma¬ 
chinists  began  with  the  textiles  the  wonderful  me¬ 
chanical  contrivances  which  in  their  growth  and 
broadening  have  won  Yankeedom  its  most  satisfac¬ 
tory  reputation.  American  machinery  is  by  every 
necessity  of  its  being  original,  characteristic  and 
effective  to  the  highest  degree. 

The  first  recognition  of  the  efforts  of  the  early  in- 


MECHANICS  HALL. 

'This  is  the  building  of  the  Massachusetts  Charitable  Mechanic' s  Association ,  and  was  erected  for  the  exhibition  of 
American  manufactures  and  mechanical  arts.  Jt  is  used  also ,  however,  for  a  great  variety  of 
public  occasions  where  the  size  of  the  audience  or  the  entertainment  demands 
a  large  space.  Besides  the  exhibition  halls ,  it  has  a 
seating  capacity  of  8,000  people. 


insufficient,  for  it  was  later  altered  so  as  to  include 
plans  and  models,  the  penalties  for  its  violation  were 
made  severer  and  it  was  enforced  with  great  care  and 
stringency.  Indeed,  so  close  a  watch  was  kept  that 
when,  as  late  as  1839,  an  English  concern  had  secured 
a  patent  from  this  Government  on  one  of  its  devices 
it  was  obliged  to  smuggle  its  patterns  through  France 
in  order  to  reach  its  American  representative. 


ventors  and  manufacturers  came  from  Massachu¬ 
setts  in  1786.  The  first  textile  machinery  works  of 
the  New  World  began  operations  at  Bridgewater 
just  previous  to  that,  and  the  Legislature  appointed  • 
a  joint  committee  “to  view  any  newly  invented  ma¬ 
chines  that  are  making  within  this  Commonwealth 
for  the  purpose  of  manufacturing  sheep’s  and  cotton 
wool,  and  report  what  measures  are  proper  for  the 


4o 


The  Finance  and  Commerce  of  Boston  and  New  England. 


Legislature  to  take  to  encourage  the  same.”  As  a 
result  of  the  report  of  this  committee  ^200  was  sub¬ 
sequently  granted  toward  the  completion  of  the  ma¬ 
chines,  which  were  for  carding  and  spinning  cotton. 
They  were  not  used  for  actual  manufacturing,  how¬ 
ever,  but  were  shown  as  models  to  diffuse  informa¬ 
tion.  The  action  of  the  State  in  the  matter  was 
none  the  less  of  permanent  value,  for  it  led  ulti¬ 
mately  to  the  successful  introduction  of  the  manu¬ 
facture  of  textile  machinery,  and  the  advanced  stand 
which  Massachusetts  took  then  she  had  never 
yielded,  pushing  ever  forward  and  holding  now  the 
hrst  place,  so  that  all  the  nations  are,  one  by  one, 
lurning  to  her  as  customers. 

The  earliest  successful  cotton  factory  in  the  coun¬ 
try  was  located  at  Beverly,  Mass.,  in  1787-9,  and 
there  were  made  the  first  parts  of  American  spin¬ 
ning  machinery.  So  Massachusetts  saw  the  first 
models  and  the  first  practical  results  from  which 
were  established  the  enterprises  outside  of  its 
boundaries  and  Rhode  Island  took  the  next  step. 

The  introduction  of  woolen  machinery  came 
twenty  years  later  than  that  of  cotton  machinery, 
and  dates  from  the  last  year  of  the  eighteenth  cen¬ 
tury.  In  the  household  fabrication  of  woolen  cloth 
the  greatest  trouble  arose  from  hand  carding  with 
proper  care  in  sorting  and  mixing  the  wool,  which 
resulted  in  the  uneven  shrinking  of  the  cloth  when 
it  was  fulled  and  dressed.  The  carding  machine 
was,  therefore,  the  first  step  in  the  mechanical  pro¬ 
duction  of  woolen  goods,  and  it  made  its  appearance 
here  at  Byfield,  near  Newburyport,  in  1796.  It 
was  several  years  after  power  was  applied  to  cotton 
making  that  it  was  first  employed  in  woolen  manu¬ 
facture.  Massachusetts  was  a  leader  in  this  branch 
of  progress,  too. 

To  a  Boston  man  belongs  the  credit  of  having 
given  the  first  great  impetus  to  American  mechanical 
invention,  which  seemed  to  have  stagnated  for  the 
time  being,  by  introducing  the  power-loom  within 
the  first  fifteen  years  of  the  last  century.  The  re¬ 
sult  of  his  accomplishments  was  the  starting  of  the 
textile  mills  which  have  grown  so  tremendously 
and  the  first  work  in  connection  with  the  new  en¬ 
terprise  was  the  building  of  a  shop  in  which  the 
machinery  for  the  cloth  factories  could  be  made 
and  repaired.  At  first  all  of  the  machine  shops 
were  connected  with  mills,  and  even  now  many 
of  them  are  located  in  the  great  manufacturing 
centers  where  most  of  their  trade  is  to  be  found; 
but  in  1845  they  became  independent  separate 
concerns,  and  to-day  the  business  of  making  mach¬ 
inery  is  so  individual  that  it  has  centers  of  its 
own. 

The  success  of  American  textile  machinery  is  dis¬ 
tinctly  a  New  England  success,  and  its  markets  ex¬ 


tends  beyond  all  the  seas.  It  results  as  much  from 
quality,  in  both  raw  materials  and  in  finish,  as 
from  the  ingenuity  which  created  it  almost.  The 
great  resources  of  the  country  are  brought  close  to 
the  factories  by  the  unequaled  transportation  facil¬ 
ities,  and  the  best  that  the  world  gives  is  put  into 
every  part  of  every  mechanism. 

The  superiority  of  American  metal  has  long  been 
acknowledged  abroad,  and  it  enables  American 
manufacturers  to  construct  machines  of  equal 
strength  with  those  of  foreign  make,  but  much 
lighter,  a  very  evident  advantage.  Lightness  has 
figured  largely  in  the  ability  of  the  United  States 
to  compete  in  foreign  markets  with  profit  and  suc¬ 
cess,  for  the  cost  of  freighting,  so  considerable  an 
item,  where  necessarily  heavy  articles  are  handled, 
is  reduced  to  a  minimum. 

The  gracefulness  of  proportion  and  fineness  of 
finish  for  which  American  machinery  is  distin¬ 
guished  have  their  practical  uses.  They  encourage, 
and  even  enforce,  greater  care  on  the  part  of  the 
operative,  compelling  the  cleanliness  necessary  to 
perfect  working  order.  Interchangeable  parts  and 
the  extensive  use  of  special  tools  in  construction 
make  for  a  precision  of  action  and  an  economy  of 
production  unattained  abroad.  An  advantage  par¬ 
ticularly  noticeable  in  cotton  machinery  comes 
from  the  making  of  every  part  of  a  machine  in  the 
same  shop,  which  is  quite  different  from  the  Euro¬ 
pean  practice.  The  American  product  has  then, 
for  obvious  reasons,  much  greater  perfection  than 
the  foreign;  its  parts  are  better  fitted,  and  it  is 
more  thoroughly  one  whole. 

Many  millions  of  dollars  are  invested  in  the  tex¬ 
tile  machinery  manufacturing  enterprises  of  Now 
England.  From  the  humble  beginnings  of  a  little 
more  than  a  century  ago  there  has  been  a  marvel¬ 
ous  growth  which  has  not  known  a  moment  of  rest¬ 
ing.  As  New  England  brains  and  energy  and 
pluck  have  improved  and  enlarged  on  the  original 
functions  of  textile  mills  the  machinery  has  never 
been  lacking  to  accomplish  the  new  work,  and  in 
their  turn  the  makers  of  machinery  have  stepped 
in  the  lead  and  shown  how  the  parent  industry 
could  be  brought  to  greater  efficiency  and  economy. 

This  was  all  done  at  first  in  the  face  of  competi¬ 
tion  made  doubly  powerful  by  legislative  exclusion 
and  prejudice  abroad,  but  the  merit  of  what  the 
United  States  offered  has  broken  down  all  the  bar¬ 
riers  which  hedged  the  foreign  markets  until  now 
one  of  the  chief  terrors  of  the  “American  invasion” 
of  Europe  is  the  invasion  of  American  machinery, 
and  at  the  head  of  American  machinery  marches 
American  textile  machinery.  Even  England — the 
strong  competitor  for  a  century,  with  every  inclin¬ 
ation  and  inducement  to  patronize  this  particular 


The  Finance  and  Commerce  of  Boston  and  New  England. 


4i 


Yankee  industry  as  little  as  might  be — is  gradually 
giving  way,  and  there  seems  no  question  but  that 
the  final  supremacy  of  the  almost  human  spinning 
and  weaving  mechanism  of  the  New  England  shops 
is  going  to  complete  the  victory  of  American  skill, 
patience  and  energy  the  world  over. 

The  Draper  Co. — In  the  manufacture  of  cotton 
machinery,  the  Draper  Co.  of  Hopedale,  Mass., 


well  to  state  what  no  one  has  yet  attempted  to  pub¬ 
licly  contradict,  that  with  the  Northrop  Loom,  a 
weaver  can  produce  from  two  to  four  times  as  much 
cloth,  using  less  skill,  and  at  less  expenditure  of 
mental  and  physical  energy.  This  fact  clearly 
shows  the  importance  of  the  invention. 

The  business  now  under  control  of  the  Draper 
Co.,  a  corporation  organized  under  the  laws  of 


THE  EXTENSIVE  PLANT  OF  THE  DRAPER  CO.  AT  HOPEDALE,  MASS. 


takes  rank  as  the  largest  American  producer,  with 
the  largest  plant  and  the  largest  number  of  opera¬ 
tives.  The  history  of  this  company  illustrates  the 
remarkable  progress  that  has  been  made  since  1816, 
when  Ira  Draper,  inventor  of  cotton  machinery, 
and  the  originator  of  this  great  industry  at  Hope- 
dale,  Mass.,  started  to  take  out  loom  patents. 

Many  changes  have  been  effected  during  the 
eighty-five  years  that  have  elapsed  from  the  begin¬ 
ning,  but  it  was  Ira  Draper’s  initiative  that  made  it 
possible  for  the  Draper  Co.  to 
gain  the  foremost  place  in  the 
manufacture  of  cotton  machin¬ 
ery.  In  the  lines  of  spinning, 
warping,  spooling  and  plain 
weaving,  nearly  all  the  really 
vital  changes  of  the  last  thirty 
years  have  been  produced  by  the 
Draper  Co.  It  has  been  figured 
that  the  changes  in  the  spinning 
frame  alone,  made  by  this  com¬ 
pany,  had  brought  a  profit  of 
fifty  million  dollars  ($50,000,000) 
to  the  cloth  producer  and  con¬ 
sumer  in  this  country,  and  it  is  further  said  that  the 
gains  of  the  Northrop  Loom  will  dwarf  such  figures 
into  comparative  insignificance. 

The  Northrop  Loom,  is,  in  fact,  the  most  import¬ 
ant  cotton  machine  improvement  of  the  last  fifty 
years,  a  machine  which  the  Draper  Co.  sold  last 
year  to  the  number  of  sixteen  thousand  (16,000). 
While  the  advantage  of  the  Northrop  Loom  over 
the  common  loom  is  generally  known,  it  may  be 


Maine  in  1896,  was  taken  over  from  former  Hope- 
dale  corporations  and  firms  on  January  1,  1897.  At 
that  time  the  Draper  Co.  absorbed  George  Draper  & 
Sons,  The  Hopedale  Machine  Co.,  The  Dutcher 
Temple  Co.,  The  Hopedale  Machine  Screw  Co., 
also  taking  over  the  United  States  rights  of  the 
Northrop  Loom  Co.  and  the  agency  for  the  Sawyer 
Spindle  Co.  On  the  following  year,  the  Draper 
Co.  purchased  the  plant  of  the  Hopedale  Elastic 
Goods  Co.  for  a  necessary  enlargement  of  business. 

These  great  additions  were  fol¬ 
lowed  immediately  with  a  plan 
of  alteration  which  would  enable 
the  company  to  double  its  output. 

In  tracing  the  development  of 
this  company  from  the  year  1816, 
it  is  interesting  to  do  so  chrono¬ 
logically.  In  1830  James  Draper, 
a  son  of  Ira,  purchased  the  loom 
and  temple  business.  Seven  years 
later  he  formed  partnership  with 
E.  D.  Draper.  In  1839  George 
Draper  was  granted  an  important 
patent  in  temple  improvement. 
E.  D.  Draper,  in  1842,  transferred  his  business  to 
Hopedale,  Mass.,  forming  a  partnership  in  1852 
with  George  Draper.  In  1868  E.  D.  Draper  retired 
in  favor  of  William  F.  Draper,  first  son  of  George 
Draper.  The  second  son,  George  A.  Draper,  was 
admitted  to  partnership  in  1877,  and  the  third  son, 
Eben  S.  Draper,  became  a  member  of  the  firm  of 
George  Draper  &  Sons  in  1880.  George  Draper 
died  in  1887  and  the  same  year,  William  F.  Draper, 


THE  NORTHROP  LOOM. 


42 


The  Finance  and  Commerce  of  Boston  and  New  England. 


Jr.,  was  admitted  as  a  partner.  George  Otis 
Draper,  the  second  son  of  William  F.  Draper,  was 
admitted  in  1889. 

The  various  companies  which  were  absorbed  by 
the  Draper  Co.  were  organized  as  follows:  Hope- 
dale  Machine  Co.,  organized  in  1856,  and  chartered 
in  1867;  The  Dutcher  Temple  Co.  and  Hopedale 
Furnace  Co.,  chartered  also  in  1867;  Hopedale  Fur¬ 
nace  Co.  consolidated  with  the  Hopedale  Machine 
Co.  in  1880;  Hopedale  Machine  Screw  Co.,  char¬ 
tered  in  1888;  Northrop  Loom  Co.,  chartered  in  1892. 

The  officers  of  the  Draper  Co.  are :  President, 
William  F.  Draper;  Vice-President,  Joseph  B.  Ban¬ 
croft;  Treasurer,  George  A.  Draper;  Agent,  Eben 
S.  Draper;  Secretary,  George  Otis  Draper;  Pur¬ 
chasing  Agent,  E.  D.  Bancroft;  Assistant  Agent, 
Frank  J.  Dutcher  and  General  Superintendent, 
Charles  M.  Day. 

Saco  and  Pettf.e  Machine  Shops. — New  Eng¬ 
land  is  noted  for  its  machine  shops,  just  as  Penn¬ 
sylvania  is  known  the  world  over  for  the  product  of 
its  rolling  mills  and  armor  plate  works.  It  is  a  natural 
result  of  existing  trade  con¬ 
ditions,  for  no  other  section 
of  the  country  can  compare 
with  the  New  England 
States  in  the  number  of  cot¬ 
ton  and  woolen  mills,  dye 
houses,  print  works  and  kin¬ 
dred  establishments,  and 
the  machine  shop  is  the 
complement  of  the  mills. 

Among  the  larger  con¬ 
cerns  having  a  home  in  New 
England,  which  make  a 
specialty  of  cotton  machin¬ 
ery  in  its  many  branches,  and  similar  mill  work, 
the  Saco  and  Pettee  Machine  Shops  are  recognized 
as  among  the  leaders  in  this  branch  of  manufacture. 
Their  products  are  known  in  every  mill  center  of 
this  country,  and  have  gained  a  well  deserved  repu¬ 
tation  for  general  excellence. 

This  firm  is  an  old  one,  although  it  was  not  in¬ 
corporated  until  1897,  when  a  general  reorganiza¬ 
tion  was  effected.  The  original  shop  was  first  es¬ 
tablished  in  Newton  Upper  Falls,  Massachusetts,  in 
1 83 1 ,  and  its  history  has  been  one  of  constant  growth 
through  the  legitimate  channels  of  manufacture. 
The  managers  have  taken  advantage  of  the  de¬ 
mands  made  upon  them  to  constantly  improve  their 
machinery,  and  have  accumulated  a  splendid  equip¬ 
ment  of  special  tools  for  the  creation  of  the  almost 
human  machines  which  today  turn  the  cotton  of  the 
South  into  the  finished  cloth  which  has  done  so 
much  to  make  New  England  the  prosperous  section 
of  the  eountrv  it  is  to-dav. 


But  the  original  shop  at  Newton  Upper  Falls  has 
long  since  been  outgrown,  and  the  extensive  plant 
which  has  superseded  it  is  typical  of  the  enterprise 
and  business-like  methods  of  the  Massachusetts 
manufacturer.  This  is  not  the  company’s  only 
establishment,  however,  for  it  also  has  another 
plant  at  Biddeford,  Maine,  which  is  devoted  to  the 
same  general  line  of  machine  construction. 

The  members  of  the  firm  are  men  with  reputa¬ 
tion  for  ability,  and  for  a  comprehensive  knowl¬ 
edge  of  this  most  important  branch  of  machinery 
building.  Henry  S.  Shaw  is  President,  R.  P.  Snell- 
ing,  Treasurer  and  F.  J.  Hale,  General  Agent,  for 
the  corporation. 

The  company  is  not  handicapped  by  insufficient 
resources,  either  of  plant  or  of  capital,  for  its  capi¬ 
talization  amounts  to  $800,000.  Its  workshops  are 
in  close  proximity  to  direct  lines  of  transportation  to 
the  great  manufacturing  centers,  and,  when  neces¬ 
sary,  orders  can  be  rushed  out  on  very  short  notice. 
On  the  pay  rolls  of  the  concern  are  the  names  of 
2,000  employees,  in  itself  an  indication  of  the  vast 

output  of  the  concern. 

The  shops  of  the  concern 
are  divided  into  a  number 
of  different  departments, 
each  under  the  supervision 
of  skilled  mechanics,  and 
the  output  of  this  company 
has  a  deserved  reputation 
for  good  workmanship,  high 
speed  and  effectiveness  in 
meeting  the  requirements 
of  mill  owners  who  desire 
economy  of  operation  as 
well  as  the  maximum  of 

output. 

The  enormous  growth  of  the  Saco  and  Pettee 
Machine  Shops  from  the  little  workshop  first 
opened  more  than  seventy  years  ago,  is  in  itself  the 
best  recommendation  any  manufacturing  concern 
could  desire. 

Whitin  Machine  Works. — New  England  has 
from  the  first  introduction  of  mill  machinery  into 
the  United  States  been  noted  as  a  cotton  manufac¬ 
turing  centre,  and  with  the  development  of  textile 
working  has  come  about  the  manufacturing  of  all 
classes  of  textile  machinery.  The  machine  shops 
of  the  New  England  States,  and  particularly  those 
of  Rhode  Island  and  Massachusetts  have  gained  a 
worldwide  reputation  for  high-class,  speedy,  econom¬ 
ical  and  labor-saving  mill  machinery  of  every 
description,  and  many  of  the  modern  patented  ap¬ 
pliances  for  the  manufacture  of  cotton  goods  were 
the  product  of  New  England  brain  and  New  Eng¬ 
land  machinists. 


A  PRODUCT  OF  THE  SACO  &  PETTEE  MACHINE  SHOPS. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


43 


The  development  and  radical  improvement  of 
cotton  machinery  during  the  past  seventy-five  years 
has  been  astounding,  and  yet  the  growth  has  been 
brought  about  naturally.  First,  one  appliance  has 
become  obsolete  and  then  another;  one  loom  or 
spinning  frame  has  been  discarded  because  some 
ingenious  inventor  has  found  a  simpler  method  of 
doing  the  work,  and  at  the  same  time  has  been  able 
to  reduce  the  expense  of  operation  and  largely  in¬ 
crease  the  output  or  the  quality  of  the  product. 
The  making  of  such 'machinery  has  been  a  prosper¬ 
ous  and  constantly  increasing  branch  of  industry  in 
Massachusetts,  and  a  number  of  firms  have  grown 
up  with  the  cotton  spinning  trade  from  infant  in¬ 
dustries  to  writable  industrial  giants. 

Such  a  concern  is  the  Whitin  Machine  Works  of 
Whitinsville,  Mass.  Whitinsville  is  a  village  em¬ 
braced  within  the  limits  of  the  town  of  Northbridge, 
and  has  been  celebrated  for  years  as  a  center  of 
the  mill  machinery  manufacturing  business.  The 
Whitin  Machine  Works  were  established  in  1830  on 
a  small  scale,  but  such  was  the  quality  of  their  out¬ 
put,  and  such  the  firm’s  reputation  for  honest  deal¬ 
ing,  conservative  methods  and  reliable  machines, 
that  the  works  have  been  running  for  seventy-two 
years.  But,  it  has  not  been  a  lifetime  of  mere  ord¬ 
inary  manufacturing  routine. 

With  the  spread  of  cotton  manufacturing  into  the 
mill-stream  valleys  of  the  New  England  States, 
and  the  establishment  of  the  hundreds  of  little 
hamlets  of  operatives’  houses  about  the  huge  brick 
and  stone  factories  of  the  cotton  industry,  a  con¬ 
stantly  increasing  demand  has  been  made  upon  the 
mechanical  resources  of  the  Whitin  Machine  Works, 
and  year  by  year  their  output  of  improved  and 
standard  machinery  for  this  branch  of  textile  manu¬ 
facture  has  increased. 

To-day  the  firm  consists  of  Messrs.  C.M.  Whitin,  C. 
A.  Taft,  W.  L.  Taft,  C.W.  Lasell,  J.M.  Lasell,  all  men 
of  the  highest  standing  in  the  commercial  world,  and 
the  firm  has  a  rating,  second  to  none,  among  manu¬ 
facturers  of  this  branch  of  industrial  machinery. 
The  original  work  shops  have  long  since  been  out¬ 
grown,  and  additions  have  been  made  when  neces¬ 
sary  to  meet  the  demands  for  additional  floor  space 
for  the  improved  drills,  lathes,  milling  machines  and 
other  tools  used  in  their  modern  and  splendidly 
equipped  shops. 

The  number  of  employees  has  also  increased  in 
proportions  to  the  demands  of  the  business,  until 
to-day  a  small  army  of  2,400  men  are  engaged  in  the 
several  departpients  of  the  firm’s  work  shops  in  the 
manufacture  of  cotton  machinery  exclusively. 

The  Whitin  Works  make  an  immense  variety  of 
textile  machines  and  appliances.  To  the  average 
citizen  it  will  come  as  a  surprise  that  in  the  list  of 


cotton  machines  manufactured  by  this  one  firm 
alone,  standard  machinery  for  which  their  is  always 
a  demand,  there  are  cards,  combing  machinery, 
railway  heads,  drawing  frames,  spinning  frames, 
spoolers,  twisters,  reels,  long  chain  quilling  ma¬ 
chines  and  looms,  and  that  under  each  of  these 
general  divisions  there  are  many  different  styles. 
As  in  many  another  branch  of  machine  work, 
one  machine  may  have  several  improved  forms, 
covered,  perhaps,  by  special  patents,  and  yet  all 
in  regular  daily  use.  Hence  it  will  be  seen  that 
a  firm  to  successfully  prosecute  such  a  business 
as  that  of  supplying  machinery  to  cotton  mills 
must  be  prepared  not  only  to  turn  out  new  ma¬ 
chines  in  a  hurry  when  wanted,  but  must  carry 
in  stock  an  immense  number  of  molds  for  cast¬ 
ing,  and  finished  parts  for  repair  work.  The  Whitin 
Machine  Works  with  their  immense  resources  in 
the  way  of  men,  tools  and  plant  are  in  a  position 
to  meet  any  or  all  requirements  that  may  be  made 
upon  them,  for  one  firm  cannot  remain  in  the  same 
line  of  manufacture  for  more  than  seventy  years 
without  accumulating  a  most  valuable  capital  of 
experience,  and  a  knowledge  of  the  intricacies  of 
mill  machinery  not  to  be  gained  in  any  other 
manner. 

Such  a  well-deserved  reputation  have  the  Whitin 
Works,  and  it  is  a  valuable  asset  which  the  mem¬ 
bers  of  the  firm  do  not  intend  to  cheapen  in  any 
way. 

The  company  is  incorporated  and  has  a  capital  of 
$600,000. 

Within  the  last  decade  a  new  field  for  cotton 
manufacture  has  been  developed  in  the  Southern 
States.  It  has  been  backed  largely  by  Northern 
capital,  and  the  superintendents  and  men  in  charge 
have  been  in  large  measure  from  the  North.  Into 
this  new  field  the  Whitin  Works  have  successfully 
introduced  large  quantities  of  their  machinery, 
much  of  which  was  built  especially  to  meet  the  re¬ 
quirements  of  the  different  conditions  existing  in 
the  textile  industry  of  the  South.  To-day,  this 
branch  of  their  business  is  a  most  important'  one, 
and  in  addition  to  their  offices  in  New  England  they 
have  agents  at  Charlotte,  N.  C.,  in  the  heart  of  the 
new  manufacturing  field,  and  at  Atlanta,  Ga. 

A  large  addition  has  been  made  to  the  shops  of 
the  concern  within  a  few  months,  new  machinery 
has  been  placed  in  position,  and  with  the  constantly 
increasing  business  along  conservative  lines  the 
Whitin  Machine  Works  cannot  but  live  up  to  their 
reputation  as  builders  of  standard  cotton  machinery 
for  seventy-two  years. 

Whitinsville  Spinning  Ring  Co.— In  cotton 
manufacture  much  depends  upon  the  perfect  quality 
and  action  of  machine  and  the  small  component 


44 


The  Finance  and  Commerce  of  Boston  and  New  England. 


parts  of  machines.  Spinning  and  twister  rings, 
for  instance,  have  a  very  important  function  to  per¬ 
form  in  the  manufacture  of  cotton  yarn.  For 
twenty-nine  years  the  Whitinsville  Spinning  Ring 
Co.  has  made  a  specialty  of  the  manufacture 
of  spinning  and  twister  rings.  Tools  patented  by 
this  company  have  revolutionized  the  ring  business, 
and  have  been  adopted  by  the  leading  makers  in 
the  United  States  and  England.  The  patent  met¬ 
allic  burnish,  used  exclusively  by  this  company,  is 
to  the  spinning  ring  what  the  ball-bearing  is  to  the 
bicycle,  and  their  double  burnished  ribbed  ring  is 
said  to  be  the  lightest  running  ring  yet  produced. 

Dirty  travelers,  travelers  loaded  with  lint,  are  a 
prolific  source  of  uneven  yarn.  The  remedy  for 
this  defect  is  the  United  States  Standard  Travelers 
Cleaner,  which  is  another  important  product  of  this 
company.  It  cleans  the  traveler  automatically, 
keeping  it  free  from  lint,  thus  relieves  the  yarn  from 
undue  strain,  and  the  threads  retain  the  elasticity 
and  evenness  which  is  so  essential  to  good  weaving. 
This  company  manufactures  at  its  factory  in  Whit¬ 
insville,  Mass.,  every  variety  of  spinning  and 
twister  rings,  besides  the  United  States  Standard 
Traveler  Cleaner,  and  it  also  makes  a  patent  steel 
plate  traveler  cup.  The  company  employs  from 
thirty-five  to  forty-five  men. 


STODDARD,  HASER1CK,  RICHARDS  &  CO., 

LONDON  AND  BRADFORD,  ENG., 
BOSTON,  MASS. 

FOREIGN  BANKERS 
AND  IMPORTERS 

OF  TEXTILE  MACHINERY, 
COLONIAL,  ENGLISH  AND  CARPET  WOOLS, 
EGYPTIAN  COTTON,  ETC. 


Che  Dry  Goods  Crade  of  Boston  and  J\ew 
Gngland  is  naturally  among  the 

first  Industries. 

THE  JOBBING  HOUSES  OF  THE  BAY  STATE  CAPITAL  SUPPLY  THE  GREAT  ESTAB¬ 
LISHMENTS  OF  THE  COUNTRY— NEWLY  BORN  CENTRES  IN  THE 
WEST,  AND  SOUTH,  CANNOT  SWERVE  THE  SOLID¬ 
ITY  OF  THE  MOTHER  CITY. 


OSTON  has  been  noted  for  many  decades 
as  8Tea-t  dry  goods  emporium  of  New 
England.  Although  many  other  distrib- 
uting  centres  have  arisen  in  the  South 
and  West,  and  this  city  is  no  longer  supreme  in  this 
respect,  it  still  holds  a  very  important  position  as  a 
dry  goods  jobbing  centre,  and  goods  are  to-day  sent 
from  here  to  many  points  in  the  far  West,  even  New 
York  buying  many  goods  from  the  Hub. 

This  is  the  heart  of  the  great  mill  district,  and 
local  jobbers  are  able  to  get  goods  quickly  and  at 
first  hand.  The  increased  use  of  domestic  goods 
and  the  lesser  consumption  of  foreign  products 
gives  the  jobbing  and  commission  houses  of  this  city 
an  excellent  field  in  which  to  work.  With  the  de¬ 
velopment  of  the  textile  industries  of  New  England, 
the  goodly  number  of  high-standing  jobbing  houses 
in  Boston  have  been  able  to  increase  their  business 
and  keep  abreast  of  the  times.  There  are  dry  goods 
jobbing  houses  in  nearly  every  city  of  any  size  in 
New  England,  but  those  of  Boston  are  far  in  the  lead. 

Boston’s  Business  ©rowing 
Despite  Competition. 

One  of  the  great  and  distinctively  modern  factors 
in  the  business  world  to-day  is  the  jobbing  house 
whose  province  it  is  to  buy  goods  from  wholesalers, 
importers  and  manufacturers  and  distribute  to  the 
retailers.  This  form  of  industry  has  grown  to 


enormous  proportions  within  recent  years,  and  is 
represented  in  Boston  by  several  large  houses. 

It  is  difficult  to  get  at  figures  descriptive  of  the 
dry  goods  business,  but  it  is  generally  agreed  that 
in  spite  of  the  development  of  outside  jobbing 
centres  the  transactions  of  Boston  merchants,  which 
a  quarter  of  a  century  ago  were  calculated  in 
thousands,  have  grown  into  many  millions.  New 
England  is,  of  course,  the  great  manufacturing 
centre  for  many  lines  of  dry  goods.  This  city  is  the 
natural  distributing  point.  At  least  one  house, 
which  deals  in  fancy  dry-goods  and  notions,  is  the 
largest  in  its  line  in  the  country. 

In  dry  goods  the  Boston  jobbers  have  developed 
fields  which  have  surprised  them,  probably,  as  they 
undoubtedly  have  their  neighbors.  They  are  not 
relics  of  a  time  when  the  West  had  to  look  to  the 
East  for  all  of  its  comforts  and  necessities;  they  are 
the  reward  of  high  character  and  reputation  and  of 
fair  dealing  in  the  best  of  goods.  Nearly  every 
house  in  the  city  has  a  New  York  branch  doing  an 
excellent  business  and  more  than  one  New  York 
wholesale  dry  goods  establishment  is  a  regular  cus¬ 
tomer  of  Boston  concerns,  sending  buyers  here  at 
stated  periods. 

The  same  is  true  with  regard  to  the  relations  be¬ 
tween  Boston  and  more  distant  or  smaller  dry  goods 
centres.  The  concern  referred  to  as  the  largest  of 
its  kind  in  the  country  sends  its  salesmen  to  Cali¬ 
fornia  with  results  which  become  more  and  more 
satisfactory.  Others  supply  trade  as  widely  separ- 


46 


The  Finance  and  Commerce  of  Boston  and  Nezv  England. 


ated  aS  Texas  and  Minnesota,  and  the  territory  be¬ 
tween  here  and  the  Mississippi  is  largely  shared  in 
by  Boston. 

Curiously  enough,  as  it  would  seem  at  first  blush, 
it  is  in  the  immediate  vicinity  of  cities  posing  as 
dry  goods  centres  that  these  Bostonians  find  many 
customers.  The  simplest  explanation  is  again  in 
the  quality  of  what  they  offer.  Their  advantage 
seems  to  be  not  alone  in  imported  goods,  but  in 
domestic  products  as  well.  Judgment,  taste  and 
conservatism  have  no 
doubt  been  the  founda¬ 
tion  stones  on  which  they 
have  built  so  substanti¬ 
ally. 

The  situation  is  sum¬ 
med  up  in  the  profits, 
and  the  profits  increase 
steadily  and  comforta¬ 
bly. 

Into  the  business  of 
dry  goods  jobbing  as  into 
nearly  all  departments  of 
industry  many  and  sur¬ 
prising  changes  have 
come  during  the  last 
quarter  of  the  nineteenth 
century.  These  changes 
are  principally  in  the 
amount  and  variety  of 
goods  which  the  trade 
to-day  demands,  and 
which  the  jobbers  are 
perforce  obliged  to  han¬ 
dle.  Dry  goods  jobbing 
twenty-five  years  ago 
was  a  comparatively  sim¬ 
ple  affair  and  bore  little 
resemblance  to  the  vast 
and  complex  business 
which  it  is  to-day.  Even 
in  the  large  centres  like 
Boston  the  business  was 
confined  to  very  small 
quarters,  and  goods 
w  h  i  c  h  to-day  require 
hundreds  of  square  feet  for  their  display  were 
easily  shown  off  in  a  small  corner  of  an  ordinary 
room,  probably  not  occupying  more  than  a  dozen 
square  feet.  Jobbing  houses  of  the  olden  time  were 
not  regarded  as  of  very  great  importance,  and  the 
biggest  of  them  were  apt  to  be  found  in  two  or  three 
rooms  on  some  upper  floor  in  a  building  located  on 
some  unimportant  street. 

To  these  paces  the  retailers,  who  were  in  them¬ 
selves  of  no  great  magnitude,  came  about  twice  a 


year  and  made  their  essentially  modest  purchases. 
Several  of  the  biggest  dry  goods  jobbing  houses  in 
New  England,  and  located  in  Boston,  began  in  this 
small  way  and  through  industry,  perseverance, 
foresight  and  wise  business  methods  have  been  en¬ 
abled  to  meet  the  requirements  of  a  gradually  un  hid¬ 
ing  and  widening  trade,  and  to  build  up  great 
establishments  which  are  models  of  their  kind. 

Another  great  change  which  has  been  wrought 
in  the  dry  goods  jobbing  business  is  in  the  kinds  of 

goods  handled.  Owing 
to  the  development  and 
perfecting  of  American 
manufacturing  many 
goods  which  were  form¬ 
erly  supplied  exclusively 
by  the  foreign  market 
and  were  imported  in 
great  quantities,  are  now 
supplied  entirely  by 
American  manufactur¬ 
ers.  A  good  example  of 
this  is  found  in  hosiery, 
which  a  few  years  ago 
was  imported  exclu¬ 
sively.  Now  the  finest 
grades  of  stockings  are 
made  in  American  mills, 
and  there  is  almost  no 
demand  whatever  for 
foreign  goods  in  this 
line,  which  are  regarded 
as  in  every  way  inferior 
to  the  home  product. 
Not  only  in  quality  and 
texture  have  American 
manufacturers  been  able 
to  improve  upon  foreign- 
made  hose,  but  the 
shapes  and  designs  of 
American  stockings  are 
everywhere  conceded  to 
be  vastly  superior. 

Another  line  of  dry 
goods  which  the  jobbers 
have  almost  entirely 
ceased  importing  is  knit  underwear.  Great  mills 
for  the  manufacture  of  underwear  have  everywhere 
sprung  up  in  the  United  States,  particularly  in  the 
New  England  States,  and  goods  of  the  finest  tex¬ 
ture,  shape  and  quality  are  now  turned  out  to  the 
value  of  millions  of  dollars  annually.  Formerly 
underwear  was  imported,  and  as  a  consequence 
exorbitant  prices  had  to  be  charged  for  even  the 
ordinary  grades.  One  of  the  members  of  one  of 
the  largest  jobbing  houses  in  Boston  said  recently: 


ALGONQUIN  CLUB. 

This  is  one  of  the  leading  business  men' s  clubs  in  the  City , 
and  its  membership  includes  bankers,  brokers,  mana¬ 
gers  and  lawyers.  It  was  organized  in  1885, 
and  noio  has  about  six  hundred 
active  members. 


The  Finance  and  Commerce  of  Boston  and  New  England, 

o 


47 


“  When  our  representative  made  his  last  trip  to 
Europe  he  looked  about  to  see  if  he  could  not  find 
some  desirable  underwear,  and,  meeting  with  no 
success,  bought  nothing  in  that  line.  When  he  re¬ 
turned  he  said  that  he  was  fully  convinced  that 
American-made  underwear  is  in  everyway  superior 
to  the  foreign  article.  We  now  handle  nothing  but 
the  home  product.” 

Another  industry  which  has  brought  about  changes 
in  the  jobbing  houses  is  the  manufacture  of  corsets. 
These  goods,  and  an  inferior  article  at  that,  were 
formerly  imported.  Whereas  of  old  only  the  cheap¬ 
est  grades  of  foreign  corsets  could  profitably  be  im¬ 
ported  for  the  American  market,  now  all  is  changed, 
and  the  domestic  product  has  not  only  driven  the 
cheap  foreign  article  from  the  market,  but  is  also  a 
formidable  rival  of  the  finer  quality  of  F rench  goods. 
From  all  hand-work  to  almost  no  hand-work  is  the 
record  of  advance  along  the  line  of  manufacture. 
From  the  woven  corset,  often  devoid  of  shape,  to 
the  present  strip  corset,  possessing  all  the  come¬ 
liness  of  a  garment  fitted  to  living  models,  is  the 
advance  in  matters  of  form.  Nowadays  extra 
attention  is  paid  to  the  quality  of  material,  instead 
of  spending  money  for  surface  decorations. 

Besides  the  American  goods  which  have  entirely 
usurped  the  foreign  product  there  are  many  lines 
the  ordinary  grades  of  which  are  now  made  in  this 
country,  and  only  the  finer  grades  are  imported. 
The  increase  of  the  number  of  American  goods  now 
in  demand  has  been  productive  of  several  advantages 
to  the  jobbers.  The  number  of  high-salaried  repre¬ 
sentatives  which  houses  were  formerly  obliged  to 
send  abroad  to  purchase  goods  has  been  lessened; 
American  goods,  having  to  pass  through  a  fewer 
hands,  yield  larger  margins  and  are  more  easily 
obtained  for  distribution;  as  a  result  the  jobbers,  in 
spite  of  ever-increasing  competition,  have  found 
profits  commensurate  with  their  business  judgment 
and  energy,  and  at  the  same  time  have  built  up  their 
business  to  meet  the  demands  of  the  age. 

It  is  not  to  be  understood  that  the  importation  of 
dry  goods  has  ceased.  There  are  many  goods 
which  Americans  have  either  not  yet  learned  to 
produce  or  are  impossible,  for  climatic  reasons  or 
other,  of  production  in  this  country.  For  instance, 
linens  are  woven  exclusively  abroad.  Laces,  hand¬ 
kerchiefs  and  Hamburg  embroideries  are  all  of 
foreign  importation.  The  manufacture  of  ladies’ 
shirt-waists  is  exclusively  an  American  industry, 
and  has  been  developed  to  enormous  proportions, 
to  the  advantage  of  the  jobbers,  late  years. 

A  visit  to  a  great  dry  goods  jobbing  house  in 
Boston  is  an  interesting  experience  for  anyone. 
The  departments  are  divided  according  to  the  var¬ 
iety  of  goods.  Laces  and  Hamburgs  are  arranged 


in  snowy  piles  on  tables  covering  an  entire  floor; 
hosiery  and  underwear  are  displayed  for  the  con¬ 
venience  of  the  buyer  in  such  quantities  as  to  excite 
the  wonderment  of  the  uninitiated;  shirt-waists, 
wrappers,  ribbons  and  a  thousand  and  one  articles 
that  go  to  stock  the  big  retail  dry  goods  store  are  to 
be  seen,  each  in  a  department  by  itself,  in  bulk  suffi¬ 
cient  to  stock  a  dozen  great  retail  stores  at  a 
moment’s  notice. 

While  Boston  is  the  centre  of  dry  goods  jobbing 
in  New  England  it  is  not  the  only  city  where  this 
line  of  business  is  carried  on.  There  are  small 
jobbing  houses  in  nearly  all  the  cities  of  any  import¬ 
ance  whatever  in  the  East,  but  these  smaller  houses 
do  not  cater  to  the  great  department  stores  even  in 
their  own  cities.  They  chiefly  supply  the  retail 
dealers  in  dry  goods  who  have  small  stores  in  coun¬ 
try  towns.  The  big  houses  in  Boston  do  business 
in  nearly  all  the  great  cities  in  the  United  States  and 
in  some  of  the  northern  provinces.  But  the  cities 
of  New  England  like  Worcester,  Springfield,  Man¬ 
chester,  Hartford  and  New  Haven  are  the  ones  that 
look  practically  exclusively  to  Boston  for  supplies. 

Amory  Browne  &  Co.  are  one  of  the  famous  dry 
goods  commission  houses  established  in  the  early 
half  of  the  nineteenth  century,  and  stand  to-day 
in  the  first  rank  of  the  great  dry  goods  commission 
firms  of  New  England;  in  fact,  of  the  country. 
Their  Boston  offices  are  located  at  48  Franklin 
street,  Boston.  The  original  house  was  founded  by 
Upham,  Tucker  &  Co.,  in  1830,  and  it  grew,  until 
to-day,  under  the  present  name,  they  do  a  world’s 
trade.  Among  the  mills  for  which  they  are  selling- 
agents  are:  The  Nashua  Mills  and  Jackson  Co. 
of  Nashua,  N.  H.  ;  The  Lancaster  Mills,  Clinton, 
Mass. ;  The  Atlantic  Mills  of  Lawrence;  The  Indian 
Head  Mills  of  Cordova,  Ala.,  and  Hill  Manufactur¬ 
ing  Co. ,  Lewiston,  Me.  They  have  offices  in  Bos¬ 
ton,  New  York  and  Philadelphia.  The  Nashua 
Manufacturing  Co.  are  among  the  largest  producers 
of  napped  goods  in  America;  their  cotton  or  canton 
flannels  and  Nashua  blankets  are  noted  everywhere. 
“Lancaster”  ginghams  are  famous,  The  Lancaster 
Mills  being  the  oldest  gingham  factory  in  this  coun¬ 
try.  “Indian  Heads”  brand  is  known  for  the 
excellence  of  the  cloth,  which  is  made  by  the  Jack- 
son  Co.  and  The  Indian  Head  Mills  of  Alabama, 
though  a  comparatively  new  company  has  already 
commended  itself  to  the  trade  by  the  superior  con¬ 
struction  and  finish  of  its  standard  cotton  sheeting 
and  drills. 

Bliss,  Fabyan  &  Co. — Among  the  largest  and 
most  prominent  dry  goods  commission  houses  in 
the  New  England  States,  and  one  which  for  many 
years  has  been  in  the  van  of  the  dry  goods  commis- 


48 


The  Finance  and  Commerce  of  Boston  and  New  England. 


sion  business  of  Boston,  is  the  firm  of  Bliss,  Fa- 
byan  &  Co.  The  Boston  offices  are  at  ioo  Summer 
street  in  the  very  heart  of  the  wholesale  district, 
and  readily  accessible  from  either  the  North  or 
South  Terminal  Station,  or  the  ferries  and  steam¬ 
boat  docks.  With  its  branches  at  32  Thomas  street, 
New  York  City,  in  the  Medmah  Building,  Chicago, 
and  in  Philadelphia,  this  company  is  in  a  position 
to  draw  upon  the  entire  dry  goods  manufacturing 
business  of  the  country,  and  buying  as  it  does  in 
quantity,  and  handling  only  standard  goods,  it 
stands  in  very 
close  relations 
with  the  largest 
dry  goods  purchas¬ 
ing  and  manufact¬ 
uring  concerns  of 
the  United  States. 

Its  offices  and 
salesrooms  in  this 
city  are  exception¬ 
ally  well  adapted 
for  the  business 
d emands  made 
upon  their  facili¬ 
ties,  and  a  large 
force  of  efficient 
a  n  d  gentlemanly 
assistants  are 
numbered  upon 
the  pay-roll  of  the 
firm.  Included 
with  in  the  clientele 
of  Bliss,  Fabyan 
&  Co.  are  some  of 
the  largest  dry 
g  o  o  d  s  houses  of 
the  city,  the  state 
and  of  New  Eng¬ 
land.  This  firm 
carried  an  excep¬ 
tionally  large  and  varied  assortment  of  goods,  many 
of  them  of  special  weave,  and  has  the  exclusive 
agency  for  New  England  for  a  number  of  leading 
manufacturers. 

Cati.in  &  Co. — The  dry  goods  commission  house 
of  Catlin  &  Co.  is  one  of  the  oldest  and  best  known 
in  the  country.  It  is  a  firm  which  has  the  highest 
standing  in  the  mercantile  world,  and  its  reputation 
as  a  successful  business  concern  is  of  the  best. 
They  have  offices  in  Boston,  New  York  and  Phil¬ 
adelphia.  They  sell  the  products  of  a  number  of 
the  largest  cotton  manufacturing  companies  in  the 
country  and  have  the  sole  agency  for  the  hose  and 
belting  manufactured  by  the  United  States  Cotton 


Duck  Corporation.  Catlin  &  Co.  are  also  agents 
for  many  cotton  yarn  mills  situated  in  various  parts 
of  the  country. 

Among  the  concerns  whose  products  they  handle 
are:  the  Chicopee  Manufacturing  Co.  of  Chicopee, 
Mass.,  makers  of  cotton,  flannels  and  blankets 
for  home  trade  and  export;  the  Appleton  Co.  of 
Lowell,  Mass.,  manufacturers  of  colored  flannels 
and  sheetings  for  home  and  export  trade;  the  Vic¬ 
tory  Mills  of  New.  York  State,  manufacturers  of 
silesias  and  linings.  In  addition  Catlin  &  Co.  repre¬ 
sent  the  Henrietta 
Mills  of  North 
Carolina,  the  Flor- 
e  n  c  e  Mills  of 
North  Carolina 
and  the  American 
Spinning  Co.  of 
Greenville,  South 
Carolina. 

During  the  year 
an  immense 
amount  of  busi¬ 
ness  is  handled  by 
this  concern.  The 
members  of  the 
firm  are  well 
versed  in  all  man¬ 
ufacturing  mat¬ 
ters  and  have  the 
confidence  of  the 
trade. 

The  Boston  of¬ 
fice  of  Catlin  & 
Co.  is  at  67  Chaun- 
cey  street  and  the 
New  York  office  at 
345  Broadway. 

Converse,  Stan¬ 
ton  &  Co. — A  bus¬ 
iness  firm  long  identified  as  a  leader  among  dry  goods 
commission  merchants  and  agents  for  mills,  is  Con¬ 
verse, Stanton  &  Co., a  firm  which  is  made  up  of  three 
men  who  have  gained  high  reputations  in  business— 
Edmund  W.  Converse,  Andrew  B.  Cobb  and  Michael 
E.  Bannin.  The  original  company  was  known  as 
Converse,  Stanton  &  Cullen,  also  Converse,  Stanton 
&  Davis,  and  after  having  been  in  business  for 
thirty  years  was  succeeded  by  Converse,  Stanton  & 
Co.,  the  present  coneern,  which  was  established  in 
1898.  It  has  offices  at  No.  62  Franklin  street,  Bos¬ 
ton,  at  No.  85  Worth  street,  New  York,  at  No. 
221  Fifth  Ave. ,  Chicago  and  at  No.  618  Chestnut 
street,  Philadelphia. 

Converse,  Stanton  &  Co.  are  agents  for  mills, 


SOMERSET  CLUB. 

This  organization  was  gathered  together  in  /Sje,  and  is  an  outgrowth 
of  the  Tremont ,  one  of  the  earliest  oj  Boston’s  social  clubs.  All 
the  conveniences  and  luxuries  which  obtain  in  a  high 
class  club-house  of  modern  days  are 
to  be  found  there. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


49 


manufacturing  woolens,  cottons  and  underwear,  as 
follows:  Cotton, — Exeter  Manufacturing  Co.,  Cen¬ 
tral  Mills  Co.,  Pocasset  Manufacturing  Co.,  Lons¬ 
dale  Co.,  Wachusett  Mills — Underwear, — Broad- 
albin  Knitting  Co.,  Gem  Knitting  Co.,  Index  Knit¬ 
ting  Mills,  John  Warner's  Sons,  Regal  Textile  Co., 
MacFarlan  &  Co.,  Nelson  Knitting  Co.,  Oak  Knit¬ 
ting  Co.,  Thomas  F.  Byrne,  Athens  Knitting  Co. — 
Woolen, — Gay  Bros.  Co.,  Dundee  Woolen  Co. ,  Carle- 
ton  Mills  Co.,  Chapel  Mills  Manufacturing  Co., 
Valley  Woolen  Mills,  Sangerville  Woolen  Co.,  P.  M. 
Pfaffman,  Dens  Woolen  Co.,  T.  F.  Mullens  &  Co., 
B.  W.  Green  Sterling  Mills  Co.,  I.  W.  Smith,  Cale¬ 
donia  Mills  Co.,  H.  C.  Jones  Co:,  Samuel  Riddle’s 
Sons,  Angora  Mills,  Saxondale  WorstedMills  and 
Heritage  &  Hirst. 

Joy,  Langdon  &  Co. — Among  the  number  of 
notable  drygoods  commission  firms,  that  are  promi¬ 
nent  in  the  New  England  States  with  headquarters 
at  Boston,  is  the  popular  house  of  Joy,  Langdon  & 
Co.  This  firm  was  originally  established  under  its 
present  name  in  the  year  1872,  by  the  late  John  D. 
W.  Joy,  Woodbury  Langdon  and  Charles  B.  Gookin, 
and  so  continued  until  the  death  of  John  D.  W.  Joy 
in  1898  when  it  was  organized  as  it  is  at  present,  the 
members  now  being  Woodbury  Langdon,  Charles 
B.  Gookin,  Franklin  L.  Joy,  Eustis  L.  Hopkins  and 
Arthur  E.  Mason.  The  last  two  named  members 
are  located  in  New  York  City. 

The  firm  of  Joy,  Langdon  &  Co.  to-day  stands  in 
the  front  rank  of  New  England’s  dry  goods  com¬ 
mission  agents  and  represent  the  following  well- 
known  mills  and  manufacturing  companies:  Ham¬ 
ilton  Manufacturing  Co.  of  Lowell,  Hamilton  Print 
Works  of  Lowell,  Hamilton  Woolen  Co.  of  South- 
bridge,  Mass.,  Amesbury  Mills  of  Amesbury,  Mass., 
and  Newmarket  Manufacturing  Co.  of  Newmarket, 
N.  H.  The  offices  are  at  99  Chauncy  street,  Boston, 
108  Worth  street.  New  York,  and  also  in  Philadel¬ 
phia,  St.  Louis  and  Chicago. 

The  Nevins  Co. — As  the  center  to  which  New 
England  dry  goods  merchants  turn  when  purchasing 
their  stocks  of  goods  is  Boston,  so  it  follows  that 
within  the  past  twenty-five  years  a  number  of  enter¬ 
prising  dry  goods  commission  houses  have  sprung 
up  in  Boston,  and  have  firmly  established  them¬ 
selves.  Among  the  prominent  houses  is  that  of  the 
Nevins  Co.,  which  was  established  in  1898.  The 
firm  is  incorporated,  with  a  capital  of  $200,000,  and 
its  officers  are :  Moses  T.  Stevens,  President;  John 
R.  Trull,  Vice-President;  Henry  S.  Shaw,  Treas¬ 
urer;  and  Lawrence  Mayo,  Clerk.  The  Nevins  Co., 
when  incorporated,  succeeded  to  the  firmly  estab¬ 
lished  business  of  the  old  firm  of  Nevins  &  Co.,  and 
it  has  progressed  rapidly  yet  surely  to  its  present 
most  reputable  position.  To-day  the  firm  occupies 


offices  at  78  Chauncey  street,  in  the  dry  goods  dis¬ 
trict,  so-called,  and  has  fourteen  employees  upon  its 
rolls.  In  addition  to  its  Boston  establishment  it 
has  a  branch  at  212  Church  street,  New  York  City, 
and  is  therefore  in  touch  with  the  dry  goods  trade 
of  the  whole  United  States,  and  with  the  importers 
through  the  ports  of  both  New  York  and  Boston. 
The  firm  is  conservative  in  its  methods,  and  yet 
there  is  no  touch  of  old  fogyism  about  its  business 
dealings.  Its  policy  has  gained  the  firm  friends, 
and  its  clientele  of  customers  is  rapidly  extending. 

The  Walker-Stetson  Co. — The  whole  of  the 
large  building,  157  Essex  street,  at  the  corner  of 
Lincoln  street,  Boston,  is  scarcely  large  enough  to 
accommodate  the  constantly  growing  business  of 
The  Walker-Stetson  Co.,  dealers  in  fancy  dry  goods 
and  makers  of  the  Domestic  Wrapper.  The  concern 
is  one  of  Boston’s  standard  mercantile  establishments. 

The  house  was  established  January  1,  1887,  as 
Walker,  Stetson  &  Sawyer.  Two  years  later  it  was 
incorporated  under  its  present  style,  and  it  now 
includes  James  H.  Stetson,  Alfred  H.  Jones, 
Frederick  L.  Walker,  Charles  D.  Mather  and  William 
E.  Worcester  in  its  membership.  It  is  a  Massa¬ 
chusetts  corporation — which  is  universally  recog¬ 
nized  as  a  high  business  recommendation — with 
$200,000  capital,  and  has- 125  employees. 

Wellington,  Sears  &  Co. — Wellington,  Sears  & 
Co.  are  among  the  older  firms,  identified  with  the 
dry  goods  commission  business  of  Boston.  They 
date  back  by  direct  predecessors  to  1850,  and  to¬ 
day  represent  the  following  mills :  Lanett  Cotton 
Mills,  West  Point  Manufacturing  Company  and 
Riverdale  Cotton  Mills,  all  of  West  Point,  Ga. ;  the 
Columbus  Cotton  Mills  of  Columbus,  Ga.  ;  the 
Brookside  Mills  of  Knoxville,  Tenn.  ;  the  Warwick 
Mills,  Centreville,  R.  I.,  and  New  England  Bunting- 
Company  of  Lowell,  Mass.  Wellington,  Sears  & 
Co.  are  the  sole  selling  agents  for  these  manufac¬ 
tories,  including  especially  cotton  duck,  cotton 
fabrics  generally  and  all-wool  bunting.  The  Boston 
offices  are  at  202  Devonshire  street,  58-60  Worth 
street,  New  York,  and  1411  Chemical  Building,  St. 
Louis.  This  popular  firm  that  has  made  a  niche  in 
the  history  of  Massachussets  during  the  last  half  of 
the  last  century,  and,  in  its  hardy  and  sturdy  con¬ 
dition  at  present,  promises  to  do  so  for  the  first,  and 
even  the  last  of  the  present  young  century.  Among 
the  members  of  the  firm  are:  William  H.  Welling¬ 
ton  of  Boston;  Horace  S.  Sears  of  Weston  and 
Edward  P.  Boynton  of  Medford.  They  constitute  a 
firm,  not  an  incorporated  company,  and  employ 
more  than  two  score  of  employees.  The  fact  that 
it  is  necessary  for  them  to  establish  and  support  an 
office  in  St.  Louis,  speaks  for  the  popularity  of  the 
house  and  their  goods  in  the  West. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


5° 


FAULKNER,  PAGE  &  CO., 
DRY  GOODS  COMMISSION, 


BOSTON  OFFICES: 

91  BEDFORD  STREET. 


NEW  YORK  OFFICES: 

58-60  WORTH  STREET. 


HARDING,  WHITMAN  &  CO., 


SELLING  AGENTS  FOR: 


WHITTENTON  M’F’G  CO. 
SAMUEL  A.  CROZER  &  SON. 
OAKLAND  MILLS. 

ELIZABETH  POOLE  MILLS. 
MISSISSIPPI  MILLS. 

LAUREL  COTTON  MILLS. 
FAULKNER  &  COLONY  M’F’G 
CO. 

FAULKNER  M’F’G  CO. 

CHESHIRE  MILLS. 

DUSTIN  ISLAND  WOOLEN  MILLS. 
ANDREW  HOWARTH  &  SON. 


J.  C.  PARKER  CO. 

CHARLES  M.  DAVIS  &  CO. 
ROCHDALE  MILLS. 

WILTON  WOOLEN  CO. 

C.  J.  AMIDON  &  SON. 
THOMAS  KENT  M’F’G  CO. 
BOUND  BROOK  WOOLEN 
MILLS. 

E.  KENYON  &  SON. 
NASONVILLE  WOOLEN  CO. 
PLAINFIELD  WOOLEN  CO. 

F.  SCOTT  &  SON. 


DRY  GOODS  COMMISSION, 
78  CHAUNCY  ST., 
BOSTON,  MASS. 


C.  B.  FILLEBROWN  &  CO., 
68  ESSEX  ST.,  BOSTON, 

SELLING  AGENTS, 

DRY  GOODS  COMMISSION. 


LAWRENCE  &  CO., 

DRY  GOODS  COMMISSION, 
68  CHAUNCY  STREET, 
BOSTON,  MASS. 


SELLING  AGENTS  FOR: 


FACTORY : 

WOONSOCKET,  R.  1. 


THE  PACIFIC  MILLS. 
MERRIMACK  M’F’G  CO. 
BOSTON  M’F’G  CO. 
GILMANTON  MILLS. 

HARGRAVE 


COHECO  M’F’G  CO. 
SALMON  FALLS  M’F’G  CO. 
IPSWICH  MILLS. 

PARKER  MILLS. 

MILLS. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


5 1 


MACKINTOSH,  TAFT  &  MC  KENNEY, 

COMMISSION  MERCHANTS, 
WOOLEN, 

56  FRANKLIN  STREET, 
BOSTON, 

59  LEONARD  STREET, 

NEW  YORK. 


SMITH,  HOGG  &  CO. 


MASSACHUSETTS  COTTON  MILLS, 
BOOTT  COTTON  MILLS, 

EVERETT  MILLS, 

YORK  MANUFACTURING  CO., 
TREMONT  AND  SUFFOLK  MILLS, 
MASSACHUSETTS  MILLS  IN  GEORGIA. 


144  ESSEX  STREET, 
BOSTON. 


115-117  WORTH  STREET, 
NEW  YORK. 


PARKER,  WILDER  &  CO., 

BOSTON  &  NEW  YORK, 

DRY  GOODS  COMMISSION, 
4  W1NTHROP  SQUARE, 
BOSTON,  MASS. 


SELLING  AGENTS  FOR: 


TALBOT  MILLS, 

NORTH  BILLERICA.  MASS. 

CONCORD  M’F’G  CO., 
CONCORD,  MASS. 

BELVIDIRE,  W.  M.  CO., 
LOWELL,  MASS. 

MONADONOCK  MILLS, 
CLAREMONT,  MASS. 

NAUMKEAG  S.  C.  CO., 
SALEM,  MASS. 

COHECO  W.  M.  CO., 

EAST  ROCHESTER,  N.  H. 


CLARENDON  MILLS, 

WEST  BOYLESTON,  MASS. 

GONIC  M’F’G  CO, 

GONIC,  N.  H. 

CHARLES  A.  STEVENS  CO., 
WARE,  MASS, 

PHOENIX  FACTORY,  UNION 
M’F’G  CO., 

PETERSBOROUGH,  N.  H. 

STIRLING  MILLS, 

LOWELL,  MASS. 

YANTIC  MILLS, 

YANTIC,  CONN. 


G.  F.  SILBY,  NORTH  MONTPELIER,  VT. 


Clothing  and  Cdoolens. 

TWO  WHOLESALE  LINES  IN’  WHICH  BOSTON 
STANDS  HIGH— MERCHANTS  BY 
HERITAGE. 

Boston  is  the  oldest  mercantile  centre  in  the  coun¬ 
try.  While  traders  with  the  Indians  may  have 
established  themselves  elsewhere  at  an  earlier  date 
than  they  did  here,  business,  as  a  man  of  the  pres¬ 
ent  day  recognizes  it,  had  its  beginning  hereabouts. 
As  the  needs  of  the  person  were  naturally  the  first 
to  demand  attention,  clothing  and  the  materials  of 
which  it  is  made  were  prominent  in  the  city’s  early 
business  interests. 

The  old-time  Boston  merchant  was  a  distinct 
type  and  his  modern  successor,  who  is  in  many 
cases  his  blood  descendant,  stands  apart  in  many 
respects  from  others  of  his  kind.  Principles  laid 
down  in  time  when  there  was  more  leisure  for 
consideration,  a  judgment  cultivated  in  the  days 
when  most  things^were  dmportedymdQhe  great  port 
j  of  the  country  was  the  port  of  Boston,  ideals  and 
integrity  inbred  with  the  Puritan  blood,  have  all 
been  inheritances  the  value  of  which  has  never 
been  underestimated  and  the  preservation  of  which 
has  been  regarded  as  a  duty  and  a  business  ne¬ 
cessity. 


52 


The  Finance  ana  Commerce  of  Boston  and  New  England. 


It  is,  indeed,  upon  these  foundations  that  Boston’s 
business  existence  stands.  The  jobber  of  to-day  has 
taken  the  place  of  the  merchant  of  the  past,  carry¬ 
ing-  on  much  the  same  kind  of  an  enterprise  and 
doing  it  in  much  the  same  way  as  his  predecessor. 
Every  advance  in  social  conditions  benefits  the  job¬ 
bers  in  necessities  which  have  possibilities  of  devel¬ 
opment  toward  luxuries.  As  a  consequence  the 
clothing  business  feels  an  uplift  every  year. 

Boston  clothing  jobbers  have  their  field  under 
constant  and  careful  cultivation.  Their  nearness 
to  the  great  mills  and  their  shipping  facilities  enable 
them  to  reach  and  hold  certain  territory  by  reason 
of  conditions  of  cost  which  do  not  apply  to  less 
favored  places.  It 
is  well  recognized 
that  the  sweat- 
shops  are  not  as 
great  an  evil  in 
Boston  as  in  many 
large  cities  and 
the  clothing  dis¬ 
tributed  from  here 
is  regarded  as 
clean  and  of  good 
workmanship  and 
material,  well 
above  the  average, 
indeed,  in  most 
respects. 

Hand  in  hand 
with  the  clothing 
business  goes  the 
trade  in  woolens. 

It  is  conducted  by 
the  same  stamp  of 
men  ;  often  by  the 
same  individuals. 

The  numerous  ad¬ 
vantages  of  the 
city  as  a  distribut¬ 
ing  point — its  splendid  railroad  and  ocean  shipping 
and  importing  facilities,  its  high  financial  rank,  its 
nearness  to  the  great  mills,  which  are  the  producers 
of  so  much  of  the  stock  used  in  this  country  now — 
have  attracted  this  particular  line  of  business  and 
made  a  profitable  home  for  it. 

Macullar,  Parkkr  Co. — As  manufacturers  and 
retailers  of  clothing,  as  well  as  importers,  and  job¬ 
bers  of  woolen  goods,  and  dealers  in  furnishing 
goods,  Macullar,  Parker  Co.  are  among  the  first  and 
foremost  concerns  of  the  New  England  States.  The 
company  was  established  in  the  year  of  the  gold 
fever — 1849 — and  was  incorporated  in  1895,  with  a 
capitalization  of  $400,000,  under  the  State  law  of 


Massachusetts.  The  directors  of  the  company  arc 
Charles  W.  Parker,  James  S.  Wesson,  Hatherly 
Foster,  Ross  Parker  and  Herman  Parker.  Their 
goods  are  known  for  their  fine  wearing  quality, 
style  and  finish.  Nearly  600  operatives  are  em¬ 
ployed  in  the  manufacture  and  sale  of  the  product 
of  this  old  ho'use.  It  is  generally  known  and  taken 
as  a  fact,  that  the  man  wrho  can  turn  down  his  coat 
collar  and  show  -the  Macullar,  Parker  Co.  label,  is 
“well  dressed.”  The  various  stores  of  the  Macullar, 
Parker  Co.  are  located  as  follows:  Men  and  Boys’ 
Clothing  and  Furnishing  Goods  Departments,  400 
Washington  street,  Boston,  Mass.,  Custom  Clothing- 
Department,  398  Washington  street,  Boston,  Mass. 

Wholesale  Cloth 
Department,  81 
Howley  street, 
Boston,  Mass. 

Men  and  Boys 
ready  made  and 
Custom  Clothing 
Departments,  166 
West  m  i  n  s  t  e  r 
street,  Provi¬ 
dence,  R.  I. 

F  o  r  e  i  g  n  Pur¬ 
chasing  Agency, 
30  Golden  Square, 
W.  London. 

A.  S  H  U  M  A  N  & 
Co.  is  the  largest 
exclusive  manu¬ 
facturing  retail 
garment  house  for 
boys,  women  and 
children  in  New 
England.  The 
house  was  estab¬ 
lished  in  1859,  and 
the  “Shuman  Cor¬ 
ner  ”  at  Washington  and  Summer  streets  is  the 
heart  of  the  retail  section  of  Boston.  It  is  passed 
by  almost  every  line  of  cars  in  the  city,  is  five  min¬ 
utes’  walk  from  South  Terminal  Station,  and  in  the 
vicinity  of  all  hotels,  theatres,  etc. 

A  large  portion  of  the  great  success  of  this  firm 
is  its  entire  reliability  as  dealers  in  woolen  fabrics, 
the  numerous  details  being  directly  under  the  eyes 
of  the  management,  both  as  regards  manufacture 
and  retailing.  Every  piece  of  cloth  is  subjected 
to  the  most  severe  tests,  so  that  no  doubt  remains 
as  to  its  genuineness.  A.  Shuman  &  Co.  in 
connection  with  their  retail  interests  are  also 
among  the  largest  jobbers  and  wholesalers  of  boys’ 
and  men’s  clothing  in  the  country.  The  firm 


A.  SHUMAN  &  CO. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


53 


members  are  A.  Shuman,  Samuel  Shuman,  Edwin 
A.  and  Sidney  E.  Shuman.  They  employ  600  people. 

Corset  Manufacture. 

AN  INDUSTRY  WHICH  HAS  BEEN  PARTICU¬ 
LARLY  DEVELOPED  IN  NEW  ENGLAND 
ALONG  IDEAL  LINES. 

The  day  when  the  American  woman  felt  that 
anything-  for  her  personal  wear  must,  if  it  were  to 
be  good,  be  imported,  is  long  since  past.  In  the 
wonderful  progress  of  American  manufactures  her 
needs  have  been  among  the  first  considered,  and 
now  that  she  sets  the  fashion  for  the  rest  of  the 
world — as  the  rest  of  the  world,  praising  her  good 
taste  and  judgment,  is  beginning  to  admit  she  does 
—the  special  industries  which  supply  her  wants  are 


products,  cannot  be  surpassed  in  excellence.  In¬ 
deed,  there  are  probably  few  other  manufactures 
of  a  similar  nature  which  have  been  so  carefully 
considered  in  their  development  and  in  which  so 
much  attention  has  been  given  to  cleanliness  and 
healthful  surroundings  as  the  establishment  and 
rise  of  American  corset  making  show.  The  work 
is  done  largely  by  women,  whose  deftness  and  taste 
are  almost  necessary  to  attain  the  best  results,  and 
the  conditions  under  which  they  labor  in  the  great 
New  England  factories  are  an  object  lesson  in 
themselves  to  Europeans. 

The  history  of  this  particular  business  has  been 
very  notable.  In  the  face  of  a  predilection  for  im¬ 
ported  goods  based  on  what  might  almost  be  called  a 
superstition  of  fashion,  it  has  so  far  out-stripped 


ROYAL  WORCESTER  CORSET  CO..  WORCESTER,  MASS. 


found  already  developed  to  a  degree  of  perfection 
that  centuries  have  hardly  vouchsafed  elsewhere. 
This  is  particularly  true  of  corset  making. 

That  the  colonies  which  were  born  in  hardship 
and  austerity  and  brought  up  in  Puritanical  sim¬ 
plicity  should  become  the  home  of  this  manufacture 
seems  somewhat  paradoxical,  but  such  was  the 
course  of  events.  Some  of  the  greatest  corset¬ 
making  concerns  in  the  world  are  here,  and  from 
here  are  supplying  the  very  foreign  markets  on 
which  this  country  used  to  be  dependent  for  their 
special  line  of  goods.  They  have  had  a  wonderful 
growth,  and  it  has  come  to  them  through  the  skill 
shown  in  their  workmanship  and  the  quality  of 
everything  they  used. 

The  conditions  which  obtain  in  a  wholesome  New 
England  city,  the  superiority  of  employees  who  are 
well  paid  and  well  cared  for  and  the  readily  recog¬ 
nized  advantages  of  factories  constructed  with  the 
utmost  regard  for  sanitary  perfection  have  done 
much  to  increase  the  popularity  of  American-made 
corsets,  which,  like  other  of  our  great  country’s 


its  foreign  competitors  that  it  has  been  utterly 
unable  to  keep  up  with  the  demand  it  has  created, 
and  its  growth  has  been  by  leaps  and  bounds. 

The  Royal  Worcester  Corset  Co.  of  Worcester, 
Mass.,  has  grown  by  rapid  stages  through  tireless 
business  enterprise  from  the  Worcester  Skirt  Co., 
which  Mr.  David  Hale  Fanning,  President  of  the 
present  corporation,  established  in  1861.  The  man¬ 
ufacture  of  corsets  was  added  to  its  business  in  1862. 
Eight  years  later  the  name  of  the  concern  became 
the  Worcester  Corset  Co.,  and  under  that  style  it 
was  incorporated  in  1888.  Last  year  it  was  re¬ 
incorporated  as  the  Royal  Worcester  Corset  Co., 
with  a  capital  of  $400,000.  Its  factory  for  making- 
corsets  and  waists,  shown  above,  is  one  of  the  model 
manufacturing  plants  of  the  world.  The  conditions 
under  which  its  thousand  employees  produce  the 
goods  which  have  become  as  famous  abroad  as  they 
are  at  home  are  practically  ideal.  The  growth  of 
the  business  has  been  such  that  preparations  for 
extensive  additions  to  the  building  are  under  way. 


Boots  and  Shoes  the  Industry  in  which 
Massachusetts  Leads  the  Slorld — 

Still  Hdvancing. 

THE  OUTPUT  OF  THE  PRESENT  TIME— MORE  THAN  FIVE  TIMES  THAT  OF  ANY 
OTHER  STATE— THE  RECENT  INVASION  OF  FOREIGN  MARKETS— A 
FOUNDATION  WHICH  ASSURES  GREAT  PROSPERITY 

FOR  THE  FUTURE. 

J& 

this  State,  and  from  the  time  that  boots  and  shoes 
were  first  turned  out  by  machinery  to  this  day  of 
marvelous  production,  the  industry  has  stood  first  on 
the  list  of  the  nine  great  industries  of  the  State,  not 
counting-  all  the  various  textile  products.  To-day 
Massachusetts  is  recognized  throughout  the  United 
States  as  the  boot  and  shoe  centre  of  the  country, 
and  during  the  past  two  years  has  claimed  the  atten-’ 
tion  of  foreign  countries  as  well,  particularly  Eng¬ 
land  and  France. 

It  is  probable  that  if  the  historian  should  turn  his 
attention  to  the  boot  and  shoe  industry  of  the  period 
previous  to  workshops  and  machinery  he  would  still 
find  the  old  Bay  State  in  the  lead.  For  many  years 
after  the  settlement  of  the  American  colonies  no 
attempt  was  made  to  manufacture  boots  and  shoes 
for  the  market,  footwear  being  imported  from  Eng¬ 
land  and  France.  Hand-made  shoes,  and  a  clumsy 
product  at  that,  were  all  our  early  ancestors  could 
secure  to  guard  against  chilblains  and  frostbitten 
toes.  In  some  of  the  larger  localities  there  was  a 
local  shoemaker  who  was  regarded  as  an  important 
individual,  standing  well  in  the  community,  as  he 
certainly  had  a  right  to.  The  smaller  villages  and 
hamlets  were  visited  at  stated  intervals  by  a  travel¬ 
ing  cobbler,  whose  coming  was  always  heralded  as 
an  event  of  great  consequence.  Having  shod  all 
the  people  of  the  countryside,  he  gathered  up  his 
kit  and  jogged  on  to  the  next  village. 

His  business  doubtless  suffered  after  the  building 
of  the  first  shoe  factory,  which  was  located  in  Dan¬ 
vers,  about  twenty  miles  from  Boston,  not  far  from 
the  historic  house  in  which  General  Porter  of  Revo¬ 
lutionary  War  fame  was  born.  As  early  as  1786 
currying,  cutting  and  shoemaking  were  begun  in 


IN  the  manufacture  of  boots  and  shoes  Mas¬ 
sachusetts  has  always  been  in  the  lead,  the 
output  in  this  State  being  at  the  present 
time  more  than  five  times  that  of  any  other 
State  in  the  Union.  Among  other  manu¬ 
factures  in  Massachusetts  the  boot  and  shoe  in¬ 
dustry  stands  second  and  the  proportion  of  its 
gains  in  recent  years  indicate  that  it  will  event¬ 
ually  stand  first.  The  most  satisfactory  feature 
of  the  industry  itself  is  the  recent  invasion  of 
foreign  markets.  Massachusetts-made  shoes  are 
imported  to  nearly  all  the  great  countries  in 
Europe,  England  having  at  last  acknowledged 
the  superiority  in  every  particular  of  the  Ameri¬ 
can  product.  This  is  regarded  as  a  great  triumph 
for  Massachusetts  shoe  manufacturers  and  opens 
up  a  field  which  practically  has  no  limit  and 
places  the  industry  of  boot  and  shoe  making  on  a 
foundation  which  assures  great  prosperity  for  the 
future  and  a  continued  increase  for  an  indefinite 
period  of  the  amount  of  the  product.  All  the  dis- 
tinctively  boot  and  shoe  manufacturing  cities  of  the 
State  have  showed  corresponding  gains  in  the  past 
ten  years,  while  the  last  year  was  one  of  unusual 
gains. 

Business  in  which  |Vew  6ng- 
land  Leads  Country. 

It  would  appear  that  from  the  earliest  days  of  the 
country  to  the  present  time  the  inhabitants  of 
Massachusetts  had  been  especially  interested  in  see¬ 
ing  that  mankind  were  well  shod.  So  far  as  is  known 
the  first  shoe  faetorv  in  the  world  was  established  in 


The  Finance  and  Commerce  of  Boston  and  New  England. 


55 


the  original  factory  at  Danvers.  This  building  is 
said  to  be  still  standing.  There  was  at  first  a  strong 
sentiment  against  machine-made  shoes,  and  it  may 
be  said  that  this  feeling  did  not  die  out  for  several 
generations.  But  as  the  quality  of  the  manufac¬ 


tured  article  improved  the  prejudice  began  to  dis¬ 
appear  and  gradually  new  factories  sprang  up  in 
different  parts  of  the  State. 

In  a  recent  statistical  report  of  the  industries  of 
the  State  673  boot  and  shoe  establishments  were 
considered.  This  figure  does  not  include  a  great 
number  of  smaller  houses.  The  last  census  report 
issued  at  Washington  in  1890  showed  that  there 
were  1,057  establishments  in  Massachusetts,  with  an 
aggregate  capital  of  $44,567,702  and  a  production 
valued  at  $116,387,900.  This  was  vastly  in  the  lead 
of  any  other  State.  New  York  State  being  second 
with  257  establishments,  aggregate  capital  of 
$11,950,891  and  a  production  of  $23,661,204.  The 
Government  Industrial  Census  for  New  England 
for  1900  is  not  yet  complete,  but  reports  for  four 
States.  New  Hampshire,  Vermont,  Rhode  Islandand 
Connecticut,  have  been  issued  and  show  an  astonish¬ 
ing  increase  in  the  number  of  establishments  and 
the  amount  of  the  output  during  the  past  ten  years. 
The  forthcoming  report  on  the  boot  and  shoe  indus¬ 
try  of  Massachusetts  will  show  this  State  to  be  even 
further  in  the  lead  than  ten  years  ago,  while  the 


number  of  establishments,  capital  and  output  have  all 
increased  at  a  corresponding  ratio.  New  York  will 
probably  stand  second  and  New  Hampshire  third. 

Turning  to  recent  statistics  of  the  boot  and  shoe 
industry  of  the  State  the  following  interesting 


figures  are  shown:  Amount  of  capital  invested, 
$26,716,110:  value  of  stock  used,  $80,829,629,  the 
year  following  the  amount  being  stated  at  $80,966,- 
554,  showing  an  increase  in  one  year  of  $136,875; 
value  of  goods  made  and  work  done  first  year, 
$x50, 259,849;  second  year,  $152,333,435,  increase  in 
one  year,  $2,073,586;  number  of  persons  of  both 
sexes  employed  59,288;  total  amount  paid  in  wages 
in  one  year  $27,476,207. 

Other  interesting  statistics  are:  Capital  invested, 
$26, 7 16, 1 10 ;  average  persons  employed,  59,288;  in¬ 
dustry  product  per  $1,000  of  capital  $1,805  ;  industry 
product,  average  per  employee,  $813.36  ;  percentages 
of  industry  product  devoted  to  profits  and  minor 
expenses,  43.02;  the  same  paid  in  wages,  56.98. 
The  above  estimates  are  for  one  recent  year  on  a 
basis  of  673  establishments  considered.  The  report 
for  the  year  1901  will  show  no  decline  in  the  amount 
of  capital  invested  or  the  value  of  outputs,  while 
the  increase  in  all  departments  of  the  boot  and  shoe 
industry  has  been  steady  and  of  a  healthy  growth. 
The  figures  for  1901  will  show  up  very  satisfactorily 
beside  those  above  quoted. 


CONGRESS  STREET,  BOSTON. 
Wholesale  Leather ,  Shoe  and  Rubber  Goods  Trade. 


56 


The  Finance  and  Commerce  of  Boston  and  New  England. 


The  country  for  many  years  looked  to  Boston 
very  largely  for  its  boots  and  shoes.  The  East  still 
does  so,  and  the  establishment  of  a  great  distribut¬ 
ing  centre  in  the  Middle  West,  while  it  has,  of 
course,  split  the  territory,  has  not  circumscribed 
Boston’s  field  to  the  extent  which  might  be  supposed 
by  any  means. 

The  different  manner  of  reckoning  business  in 
different  parts  of  the  country  makes  it  difficult  to 
say  positively  that  Boston  is  the  chief  boot  and  shoe 
jobbing  centre  of  the  United  States,  but  that  such 
is  the  fact  seems  to  be  in  little  doubt.  It  is  in  this 
vicinity  that  the  majority  of  the  “  maker  to  wearer  ” 
brands  of  footwear  are  manufactured,  too,  but  the 
extraordinary  home  market  in  New  England  helps 
to  equalize  the  opportunities  and  prevent  restriction. 

The  showing  made  by  Boston  in  boot  and  shoe 
jobbing  is  little  short  of  marvelous.  Progress  and 
growth,  which  are  the  general  rule  of  the  city,  are 
decidedly  in  evidence.  Boston  has  outstripped 
many  other  cities.  In  less  than  half  a  century  there 
has  been  an  increase  of  25  per  cent,  in  the  houses 
engaged  and  of  nearly  500  per  cent,  in  the  amount 
of  business  done  in  this  one  line  of  jobbing  annually. 

The  growth  has  been  healthy;  it  has  been  gradual 
and  lasting;  it  continues,  and  there  was  never  a 
brighter  outlook.  A  comparison  of  authentic  figures 
is  interesting  from  every  point  of  view.  Below  are 
set  side  by  side  the  number  of  boot  and  shoe  job¬ 
bers  in  Boston  and  the  amount  of  their  business  in 
different  years: 

R.  B.  Grover  &  Co. — A  comparatively  recent 
product  in  the  shoe  manufacturing  industry,  a  pro¬ 
duct  that  has  been  fully  justified  by  business  de¬ 
mand,  is  what  is  known  as  the  specialty  shoe.  One 
of  the  foremost  of  these  is  “The  Emerson  Shoe” 
which  is  manufactured  by  R.  B.  Grover  &  Co.  at 
Brockton,  Mass.,  a  concern  established  in  1899. 
This  company  manufactures  fine  shoes  for  the  retail 
trade,  selling  the  product  of  the  factory  direct  to 
the  wearer,  and  to  the  wearer  only,  through  its  own 
channels.  In  nearly  all  the  larger  cities  of  the 
l  nited  States,  Emerson  Shoe  Stores  have  been 
established  and  there  are  also  two  branch  stores  in 
London,  England.  R.  B.  Grover  &  Co.  sell  no 
goods  either  to  retailer  or  jobber,  direct  or  on  com¬ 
mission,  and  it  is  said  to  be  the  only  shoe  manufac¬ 
turing  concern  that  disposes  of  all  its  product 
directly  to  the  consumer.  An  essential  part  of  the 
system  is  a  uniformity  in  prices,  shoes  being  sold  at 
two  prices  only, — $3.50  for  Goodyear  welt  shoes; 
$5.00  for  hand-sewed  shoes. 

Five  hundred  employees  are  engaged  in  the  man¬ 
ufacture  of  the  Emerson  shoes,  the  factory  having-  a 
capacity  of  fifteen  hundred  pairs  per  day  of  welted 


shoes.  Thirty-four  stores  are  being  operated  to  dis¬ 
pose  of  this  product. 

The  members  of  the  firm  of  R.  B.  Grover  &  Co. 
are  Robbins  B.  Grover,  Charles  O.  Emerson  and  J. 
Frank  Hill. 

George  E.  Keith  Co. — The  George  E.  Keith  Co. 
was  established  as  Green  &  Keith  in  1874,  George 
E.  Keith  in  1880,  and  incorporated  under  its  present 
name  in  1896.  They  manufacture  men’s,  boys’  and 
women’s  shoes,  are  capitalized  for  $500,000,  and  em¬ 
ploy  2,300  persons.  Their  three  factories  are  located 
at  Campello,  Mass.,  and  have  a  daily  capacity  of 
10,000  pairs,  and  are  now  turning  out  8,500  pairs 
per  day.  Their  “Walk-over”  and  “  Bilt-well  ” 
brands  are  particularly  exported  to  foreign  coun¬ 
tries  in  large  quantities.  The  members  of  the  com¬ 
pany  are  George  E.  Keith,  Myron  L.  Keith,  S. 
Corey  Keith  and  Oscar  L.  Davis.  They  own  and 
operate  their  own  wooden  box  factory,  having  the 
same  connected  by  a  spur  track  of  the  railroad. 

Their  immense  factories  are  located  directly  on 
the  line  of  the  New  York,  New  Haven  and  Hartford 
Railroad  at  Campello,  on  Evans  street  and  Perkins 
avenue,  making  their  facilities  for  shipping  excel¬ 
lent.  Two  of  the  factories  are  used  exclusively  for 
welt  work.  Among  the  foreign  countries  which  buy 
their  “Walk-over”  goods  in  very  large  quantities, 
are  particularly  England,  Germany  and  Australia. 
The  company  operates  a  number  of  stores  in  the  large 
cities,  and  it  is  safe  to  say,  as  is  very  well  known 
that  the  George  E.  Keith  shoe  holds  its  own  with 
the  sales  of  any  shoe  in  the  country. 

Preston  B.  Keith  Shoe  Co. — The  name  of  Keith 
has  long  been  prominent  in  the  shoe  industry  of  the 
United  States,  and  for  thirty  years  Preston  B.  Keith 
has  been  one  of  the  foremost  figures  in  the  great 
shoe  centre  of  the  world,  namely  Brockton,  Mass. 
In  1871  he  established  the  shoe  manufactory  which 
was  incorporated  five  years  ago  under  the  name  of 
the  Preston  B.  Keith  Shoe  Co.,  and  from  its  first 
day  the  history  of  the  business  has  been  a  story  of 
growth — the  healthy  and  substantial  growth  which 
comes  from  enterprise  and  honesty  and  a  progressive 
spirit. 

In  its  seventh  year  (1878)  the  concern  was  obliged 
to  build  a  new  factory  to  keep  up  with  its  trade  and 
in  1880  and  1881  extensive  additions  to  the  plant 
were  made.  Three  years  ago  further  extension  was 
imperative  and  the  Keith  factory  was  rebuilt  and 
added  to,  so  that  it  took  the  form  of  a  hollow  square. 
The  establishment  is  now  the  striking  features  of 
Rutland  Square,  Campello,  Brockton. 

The  Preston  B.  Keith  Shoe  Co.  makes  only 
medium  and  fine  grades  of  goods  in  Goodyear  welts 
and  Me  Key  sewed.  The  capacity  of  its  plant  is 


The  Finance  and  Commerce  of  Boston  and  New  England. 


57 


3,600  pairs  of  shoes  a  day  and  700  persons  are  em¬ 
ployed  in  making  them.  This  product  goes  into  an 
ever-broadening  market. 

With  President  Keith  are  associated  as  officers  of 
the  Corporation,  Vice-President  Rufus  P.  Keith  and 
Secretary  and  Treasurer  Chas.  M.  Park.  The  capi¬ 
talization  is  $100,000 

The  Lester-Shire  Manufacturing  Co. — The 
largest  shoe  factory  in  the  world  is  that  of  the 
Lester-Shire  Manufacturing  Co.,  which  has  practi¬ 
cally  created  the  village  of  its  location,  Lester- 
Shire,  in  Broome  County,  N.  Y.,  two  miles  from 
Binghamton  on  the  Susquehanna  River.  It  has 
more  than  2,000  employees,  which  gives  it  a  daily 
capacity  of  20,000  pairs  of  heavy  pegged  and  stand¬ 
ard  sewed  shoes  and  medium  and  high  grade  McKay 
sewed  shoes.  One  of  its  specialties  is  shoes  made 
from  the  celebrated  French  Kangaroo  Kip,  the  tan¬ 
nage  of  which  the  Lester-Shire  Manufacturing  Co. 
controls  exclusively. 

The  success  of  this  concern  is  almost  phenomenal. 
In  its  ten  years  of  existence  it  has  reached  a  point, 
where,  in  spite  of  its  enormous  facilities,  which  in¬ 
volve  the  investment  of  $1,000,000,  it  has  begun 
further  extensions,  and  will,  in  October,  open  a 
new  Goodyear  factory  with  a  daily  capacity  of  10,000 
at  Endicott,  N.  Y. ,  six  miles  from  its  present  plant. 
A  sole  leather  tannery,  the  product  of  which  will 
be  used  exclusively  in  the  new  factory,  is  also  being 
built  at  Endicott. 

Like  all  great  enterprises  the  Lester-Shire  Manu¬ 
facturing  Co.  and  its  growth  and  prosperity,  are  the 
work  of  farseeing,  well-trained  men.  There  are 
but  two  owners  of  the  concern,  H.  B.  Endicott  and 
George  F.  Johnson.  It  is  hardly  necessary  to  say 
anything  further  about  men  who  can  point  to  such 
an  establishment  as  theirs. 

M.  A.  Packard  Co. — The  shoe  manufacturing  in¬ 
dustry  is  one  that  for  many  years  has  made  its 
centre,  and  practically  its  entire  field  of  operations 
within  the  New  England  States.  The  industry 
grew  most  rapidly  in  Massachusetts,  and  during  the 
past  twenty  years,  which  have  been  years  of  the 
most  considerable  development,  Massachusetts  shoe 
eities  have  shown  the  greatest  progress.  In  1880, 
when  shoe  manufacturing  began  to  develop  new 
ideas  and  adopt  new  methods,  in  accordance  with 
the  trend  of  modern  demands,  the  M.  A.  Packard 
Co.,  a  pioneer  company  in  producing  men’s  fine 
shoes  was  established  in  Brockton,  Mass.,  with  a 
capital  of  $100,000. 

This  company  furnishes  a  good  example  of  the 
recent  development  of  the  shoe  manufacturing  in¬ 
dustry.  At  the  present  time,  the  M.  A.  Packard 
Co.  manufactures  about  2,300  pairs  of  shoes  each 


day,  and  employs  550  men.  The  product  of  the 
company’s  factory  consists  of  fine  shoes,  nearly  all 
of  them  being  Goodyear  welts,  and  the  value  of  this 
product,  as  billed  from  the  factory,  represents  in  the 
course  of  a  year  about  $1,250,000.  These  goods  are 
sold  in  every  state  and  territory  of  this  country, 
and  also  in  Canada,  British  Columbia,  Cuba,  Eng¬ 
land,  Australia,  South  Africa  and  India. 

The  officers  of  the  company  are :  President, 
Moses  A.  Packard;  Vice-President,  Oliver  M. 
Fisher;  Treasurer,  John  S.  Kent. 

The  Thomas  G.  Plant  Co. — A  concern  to  be 
measured,  by  millions  is  the  Thomas  G.  Plant  Co., 
manufacturers  of  ladies’  shoes,  who  are  best  known 
for  their  “  Queen  Quality  ”  brand.  The  running 
capacity  of  their  factory  at  the  corner  of  Centre  and 
Bickford  streets  in  the  Roxbury  district  of  Boston  is 
upwards  of  three  and  one-half  millions  of  pairs  of 
shoes  a  year;  their  business  in  1901  amounted  to 
close  to  four  millions  of  dollars,  an  increase  of  half 
a  million  over  1900;  their  capital  is  two  and  one- 
half  millions,  and  the  pay  roll  of  their  2,000  em¬ 
ployees  foots  up  $1,000,000  each  twelve  months. 

The  Thomas  G.  Plant  Co.’s  factory  is  a  model 
establishment,  built  of  brick,  six  stories  high,  with 
a  spacious  basement  where  is  the  500-horse-power 
engine  which  operates  all  of  the  machinery  and  the 
electric  lighting  plant.  It  is  well  constructed,  439 
feet  long  and  fifty-five  feet  wide,  and  has  all  the 
most  up-to-date  sanitary  and  mechanical  appliances. 

Such  a  tremendous  establishment  doing  siich  an 
enormous  business  is,  of  course,  in  the  hands  of 
men  of  progressiveness  and  of  large  ideas.  The  com¬ 
pany  was  formed  in  1891,  and  has  at  its  head  as 
President,  Thomas  G.  Plant,  with  George  H. 
Hutchinson  as  Vice-President,  W.  L.  Ratcliffe  as 
Treasurer  and  W.  A.  Mitchell  as  Secretary.  The 
other  directors  are  John  MacNair,  Junius  Beebe, 
W.  F.  Plant,  W.  Y.  McGaffee  and  George  J.  Carr. 

The  Frank  E.  White  Co. — For  more  than  twenty 
years  the  Frank  E.  White  Co.,  of  Brockton,  Mass., 
have  been  prominent  as  makers  of  men’s  medium- 
priced  foot-wear.  In  that  time  they  have  brought 
their  product  into  extensive  use  among  the  whole¬ 
salers  of  all  the  principal  cities  of  the  United  States, 
and  thev  were  among  the  first  American  manufac- 
turers  to  cultivate  the  European  market,  in  which 
they  have  built  up  a  flourishing  trade. 

During  the  last  two  or  three  years  the  White  Co. 
have  made  special  efforts  in  the  direction  of  im¬ 
proving  the  quality  as  well  as  increasing  the  quan¬ 
tity  of  their  output,  and  have  concentrated  their 
efforts  upon  a  few  lines.  The  resulting  siiccess  has 
doubled  their  production,  and  further  extension  of 
their  factory  buildings  has  become  necessary. 


53 


The  Finance  and  Commerce  of  Boston  and  New  England. 


The  head  of  the  house,  which  was  established  in 
1879,  Frank  E.  White,  who  has  been  prominent 
in  the  shoe  world  for  many  years.  He  has  the 
financial  management  of  the  concern’s  affairs,  while 
the  manufacturing  is  in  charge  of  Hervey  Dunham, 
another  man  who  is  of  long  experience  in  this  branch 
of  the  business,  and  is  recognized  as  of  particular 
skill  and  competence  in  it.  One  of  the  firm,  Loring 
Q.  White,  the  junior  partner,  is  in  charge  of  the 
sales  department,  which  he  has  developed  to  a  great 
success. 

E.  S.  Woodbury  &  Co. — This  is  an  age  of  special¬ 
ists,  and  the  firm  of  E.  S.  Woodbury  &  Co.,  shoe 
manufacturers,  make  a  specialty  of  shoes  for  boys 
and  girls  of  school  age.  The  firm  was  established 
in  1874,  and  its  members  are  Edwin  S.  Woodbury 
of  Boston  and  David  D.  Lefavor  of  Marblehead. 
In  their  twenty-eight  years  of  active  business  life 
the  firm  has  grown  into  a  prominent  position  in  the 
shoe  trade,  and  to-day  they  employ  600  operatives, 
and  some  $2  5  0,000  is  invested  in  the  business.  Their 
Boston  office  is  at  135  Lincoln  street,  in  the  heart  of 
the  shoe  and  leather  district.  The  factory  is  located 
at  Salem,  Mass.,  and  is  thoroughly  up-to-date  in 
machinery,  methods  and  equipment.  It  contains 
some  50,000  square  feet  of  floor  space. 


Brockton  of  "Co-day. 

A  WONDERFUL  RECORD  OF  GROWTH  AND  PRO¬ 
GRESS-GREAT  SHOE  INTERESTS. 


The  City  of  Brockton  to-day,  with  its  energetic 
and  progressive  industries,  is  a  marvel  to  all  who 
are  familiar  with  the  rapid  growth  of  the  city  dur¬ 
ing  the  past  thirty  years.  As  the  town  of  North 
Bridgewater,  in  1870,  the  place  had  8,007  inhabi¬ 
tants.  In  1874  the  name  of  Brockton  was  adopted 
and  in  1881  the  town  became  a  city,  with  a  popula¬ 
tion  of  13,608  according  to  the  census  of  1880. 

The  present  population  is  estimated  at  fully  43,000 
inhabitants.  The  1 900  census  gave  the  number  as 
40,063,  but  since  then  the  growth  has  been  unpre¬ 
cedented,  owing  to  the  great  expansion  in  the  shoe 
business,  which  has  taxed  the  capacity  of  the  fac¬ 
tories  to  their  fullest  extent. 


During  1901  there  were  produced  in  the  Brockton 
factories  629,413  cases  of  shoes  (estimated  at  over 
13,000,000  pairs),  which  was  the  greatest  output  in 
the  history  of  the  city,  and  an  increase  of  nearly 
20  per  cent,  over  the  business  of  the  year  before. 
In  1880  the  product  was  189,490  cases.  At  that 
time  the  assessed  valuation  of  the  city  was$6, 252,413. 
Now  it  is  $28,680,853.  In  order  to  provide  room  in 
which  to  turnout  pressing  orders  the  local  manufac¬ 
turers  were  compelled  during  the  past  year  to  make 


additions  and  enlargements  of  their  factories  to  the 
extent  of  about  200,000  square  feet  of  floor  area. 

No  city  in  the  world  can  challenge  Brockton’s 
claim  as  the  leading  city  in  the  manufacture  of  men’s 
shoes.  Not  only  is  the  Brockton  shoe  recognized 
throughout  this  country  as  the  standard  in  the  fine 
and  medium  grades,  but  it  has  already  established 
a  firm  footing  in  nearly  all  the  civilized  countries 
of  the  world.  In  addition  to  marketing  their  goods 
through  the  regular  jobbing  channels  of  trade, 
several  of  the  leading  manufacturers  have  estab¬ 
lished  retail  stores  for  the  exclusive  sale  of  their 
special  shoes  throughout  the  country.  During  the 
past  year  a  number  of  stores  have  also  been  opened 
in  the  leading  cities  of  England  and  Germany,  the 
success  of  which  has  been  very  pronounced  and 
awakened  a  large  demand. 

The  exports  of  American  boots  and  shoes,  which 
has  increased  from  a  value  of  $1,010,228  in  1895  to 
about  $6,000,000  in  1901,  has  received  probably  20 
per  cent,  of  its  increase  by  the  shipments  from 
Brockton  factories.  The  value  of  the  shoe  product 
of  this  energetic  city  during  the  year  1901  is  esti¬ 
mated  to  have  been  $25,000,000,  of  which  about 
$6,000,000  was  paid  to  the  factory  employees. 

A  very  important  and  favorable  condition  of 
affairs  in  regard  to  freedom  from  labor  controver¬ 
sies  has  been  brought  about  by  the  general  adop¬ 
tion  of  arbitration  agreements  between  the  manu¬ 
facturers  and  the  labor  unions,  so  that  to-day  the 
best  of  feeling  exists,  and  in  the  event  of  any  misun¬ 
derstanding  or  disagreement  no  interruption  of 
business  is  permitted.  There  have,  in  fact,  been 
scarcely  any  occasion  for  even  a  reference  of  troubles 
to  the  Board  of  Arbitration  for  many  months. 

Brockton  was  one  of  the  first  cities  in  the  State 
entirely  to  abolish  grade  crossings  within  its  limits, 
the  work  having  been  completed  five  years  ago. 
The  successful  system  of  sewerage  disposal  is  con¬ 
stantly  attracting  delegations  of  engineers  and 
municipal  authorities  to  the  city  from  all  parts  of 
the  country  and  abroad.  The  schools,  fire  depart¬ 
ment,  police,  highway  and  other  municipal  depart¬ 
ments,  rank  high  with  those  of  other  progressive 
cities. 

The  Brockton  Board  of  Trade,  which  was  organ¬ 
ized  in  1897,  has  a  membership  of  about  250,  and 
has  done  much  good  work  through  its  committees 
in  labor  matters,  transportation  and  other  directions 
vital  to  the  welfare  of  the  city.  At  present  the 
matter  of  erecting  large  modern  factory  buildings 
with  central  power  plants  for  the  economical  gen¬ 
eration  of  power,  so  as  to  supply  the  urgent  demand 
for  additional  factory  accommodations  is  being 
agitated.  The  city  is  the  trade  centre  for  about 
100,000  people.  The  New  York,  New  Haven  and 


The  Finance  and  Commerce  of  Boston  and  New  England. 


59 


Hartford  Railroad  Co.  maintains  numerous  express 
and  accommodation  trains  to  and  from  the  city,  and 
frequent  service  is  furnished  to  the  dozen  or  more 
towns  in  its  immediate  vicinity  by  an  electric  rail¬ 
way  system  which  radiates  in  all  directions. 

Brockton  now  stands  twelfth  in  population  among 
the  cities  of  Massachusetts,  having  moved  upward 
from  the  twenty-sixth  position  in  1870.  It  also  ranks 
eighth  in  value  of  its  manufactured  product. 

Leather's  part. 

ONE  OF  NEW  ENGLAND’S  OLDEST  AND  CHIEF 

INDUSTRIES. 

The  leather  industry  is  one  of  the  oldest  in  New 
England.  The  sturdy  settlers  were  practical  as 
well  as  religious,  and  early  found  it  expedient  to 
look  after  the  soles  of  their  feet  as  well  as  their 
spiritual  welfare.  Before  shoes  could  be  made  the 
leather  had  to  be  prepared,  and  for  this  purpose 
crude  tanneries  were  established  in  various  places 
in  Massachusetts.  Therefore  the  tanners  of  New 
England  were  the  pioneers  of  leather  production  of 
the  country.  From  the  beginning  the  tanning  trade 
has  been  pursued  by  earnest,  capable  men.  They 
knew  how  to  keep  down  the  cost  of  production,  and 
at  the  same  time  improve  the  quality  of  the  product, 
which  is  really  the  secret  of  success  in  all  business 
enterprises. 

As  everyone  knows  the  barks  of  trees  are  em¬ 
ployed  in  the  tanning  process  and  this  was  available 
in  large  quantities  at  the  start,  but  in  process  of 
time  the  trees  became  denuded  and  the  tanners  of 
sole  leather  were  compelled  to  migrate.  It  was 
then  thought  necessary  to  send  the  hides  where  the 
bark  was  and  not  bring  the  bark  to  the  hides 
Therefore  the  early  tanners  migrated  to  New  York 
State  and  to  Pennsylvania,  where  they  also  used  up 
the  supply  of  bark.  The  tanners  of  upper  leather 
did  not  leave  New  England  at  all  until  a  much  later 
period,  receiving  their  bark  from  Maine  and  Penn¬ 
sylvania.  This  was  found  very  expensive,  but  it  is 
said  that  they  made  up  for  the  extra  outlay  by  tan¬ 
ning  out  superior  leather.  But  eventually  it  was 
found  necessary  to  abandon  many  establishments, 
owing  to  the  disadvantages  of  locality  and  many  of 
those  who  had  won  a  reputation  for  the  excellence 
of  their  product  were  obliged  to  go  out  of  the  busi¬ 
ness.  In  certain  sections  of  the  West  rivals  sprang 
up  who  were  assisted  in  their  enterprise  by  ex¬ 
perienced  men  who  forsook  the  Eastern  houses  for 
more  advantageous  positions. 

However,  there  are  still  to  be  found  a  few  tanners 
in  New  England,  though  that  branch  of  the  industry 
is  nothing  to-day  compared  to  what  it  was  when  the 
country  was  in  a  more  crude  state. 


This  is  not  to  be  construed  as  meaning  that  the 
leather  industry  has  declined  in  this  section.  It  has 
increased  to  enormous  proportions.  A  most  ex¬ 
tensive  business  is  done  in  Boston  in  leather  of  all 
descriptions  and  many  of  the  individuals,  firms  and 
corporations  who  do  it  own  their  tanneries;  but 
the  tanneries  are  located  outside  of  New  England. 

The  leather  and  shoe  industries  are  so  inter¬ 
dependent  that  it  is  not  surprising  to  find  that  here 
in  Massachusetts,  where  the  boot  and  shoe  industry 
is  greatly  in  the  lead,  the  leather  business  is  also 
very  important. 

The  early  tanneries  of  New  England  encountered 
innumerable  difficulties  and  many  failed  to  survive 
in  the  fierce  struggle  for  existence.  Many  of  their 
reverses  were’not  the  result  of  inefficiency.  The 
prices  of  hides  and  leather  are  subject  to  sudden  and 
violent  fluctuations,  and  there  have  been  instances 
where  the  earnings  of  years  have  been  wiped  out  in 
a  single,  season  by  the  shrinkage  in  value  of  leather, 
which  was  lying  in  the  vats  unavailable,  while  the 
prices  were  declining  so  rapidly  that  when  finished 
it  would  not  bring  enough  to  defray  the  original 
cost  of  the  raw  material. 

But  the  picture  has  a  bright  side.  There  have 
been  instances  of  advances  within  a  brief  time  suffi¬ 
cient  to  bring  large  profits  to  the  stockholders  of  an 
average-sized  tannery.  These  incidents  are  com¬ 
mon  to  all  industries,  not  only  early  in  their  his¬ 
tory,  but  at  the  present  time.  It  was  eminently 
fitting  that  the  small  tanneries  which  of  old  dotted 
the  whole  of  New  England  should  have  disappeared 
or  have  been  removed  to  other  parts  of  the  country. 
The  great  leather  industry  still  remains  dominant 
in  the  business  life  of  Massachusetts,  is  constantly 
increasing  and  will  without  question  continue  to 
increase.  The  conditions  have  changed,  that  is  all. 

Up  to  fifteen  years  ago  it  was  proverbial  for  a 
century  that  the  tanning  business,  though  variable 
and  subject  to  losses,  was  sure  to  be  remunerative 
in  any  series  of  five  years,  if  well  managed.  The 
conditions  are  even  more  favorable  to-day,  for  pro¬ 
duction  has  been  cheapened,  the  expense  of  dis¬ 
tribution  lessened,  materials  utilized  to  the  greatest 
advantage,  and  economies  practised  which  pervade 
the  entire  mechanical  world.  Cattle  growing  and 
cattle  killing  have  increased  in  late  years  in  far 
greater  ratio  than  the  population,  and  there  has 
been  all  this  time  a  surplus  of  hides. 

In  New  England  the  tanning  nowadays  is  chiefly 
of  raw  materials  of  the  lighter  kinds — calf,  goat  and 
sheep  skins — and  other  materials  besides  bark  are 
used  in  preparing  them  for  the  market.  Great 
quantities  of  kid  and  calf  of  the  very  finest  grade 
are  produced  in  various  colors,  textures  and  sub¬ 
stances.  It  would  seem  as  though  the  very  goal  of 


6o 


The  Finance  and  Commerce  of  Boston  and  N civ  England. 


perfection  had  been  reached,  and  it  is  said  by  good 
authorities  that  there  is  nothing  in  the  nature  of 
leather  which  cannot  be  and  is  not  made  in  this 
country  equal  in  every  respect  to  the  products  of 
any  other  country.  It  is  possible  that  patent  leather 
is  the  single  exception  to  this  rule,  but  the  difficulties 
which  have  stood  in  the  way  of  progress  in  the  pro¬ 
duction  of  patent  leather  are  gradually  being  re¬ 
moved,  and  even  now  it  is  claimed  that  some  Am¬ 
erican  patent  leather  rivals  in  excellence  the  historic 
product  of  the  foremost  manufacturers  in  Europe. 

The  key  to  the  very  great  success  which  has 
crowned  the  efforts  of  New  England  leather  makers 
is  their  ability  to  adapt  themselves  to  circumstances 
and  their  aptitude  for  meeting  emergencies.  All 
the  knowledge  which  it  was  possible  for  them  to 
acquire,  they  immediately  availed  themselves  of. 
They  have  constantly  improved  their  factories  and 
have  been  eager  to  seize  every  invention  which 
seemed  likely  to  facilitate  production  or  improve 
the  quality  of  their  product.  They  have  always 
displayed  the  great  American  trait  of  being  unsatis¬ 
fied  with  finality  and  have  always  been  on  the  sharp 
lookout  for  something  better.  They  have  not  only 
kept  in  touch  with  pop¬ 
ular  tastes,  but  have 
learned  the  great  secret 
of  directing  tastes,  and 
have  managed  their 
affairs  with  such  skill  as 
materially  to  broaden 
the  market  for  their 
wares.  It  is  by  reason 
of  their  indomitable  will, 
great  skill  and  power  of 
seeing  into  the  future 
that  they  have  flourished 
so  notably  and  hold  such 
high  rank  in  the  great 
domain  of  wealth-creat¬ 
ing  industry. 

An  example  of  the 
utilitarian  tendencies  of 
the  men  of  the  leather 
industry  is  found  in  the 
i  m  p o  rtant  p r o d  u  c  t 
known  as  scrap  leather. 

This  business  originated 
in  Boston  in  1 85  7 ,  prev¬ 
ious  to  which  date  all 
the  cuttings  in  shoe  fac¬ 
tories.  and  skivings of  hide&in  tanneries  were  thrown 
away.  The  workshops  were  littered  with  these 
supposedly  useless  scraps.  Finally  the  larger  pieces 
were  utilized  and  prepared  for  vamps  for  children’s 
shoes.  This  trade  was  very  gradually  enlarged, 

J  o  j  o  7 


pancake  leather  and  soles  were  produced  and  by  the 
aid  of  paste,  shoddy  innersoling,  slip  soles  and 
counters  were  made.  Upper  leather  pieces  were 
degreased  with  naptha  and  used  for  heels  or  linings. 
Not  long  after  the  Civil  War  broke  out  an  immense 
stock  of  cartridge  boxes  and  bayonet  sheaths  were 
manufactured.  The  buyers  made  money.  To-day 
there  are  firms  in  every  shoe  centre  who  deal  in  this 
stock.  In  the  meantime  tanners  everywhere  have 
saved  considerable  money  by  selling  what  was  prev¬ 
iously  waste  material.  By  the  census  of  1890  it  was 
learned  that  the  value  of  this  material  sold  yearly 
was  about  $21,000,000. 

The  record  for  the  leather  industry  in  Massa¬ 
chusetts,  as  well  as  elsewhere,  in  1901,  was  not  ex¬ 
celled  in  any  previous  year.  There  was  a  substan¬ 
tial  increase  in  the  amount  and  value  of  the  produc¬ 
tion,  and  the  majority  of  firms  are  reported  as  hav¬ 
ing  made  money.  The  leather  trade  in  all  its 
branches  has  been  in  close  touch  with  the  shoe  busi¬ 
ness  in  volume  of  sales,  and  though  it  has  been  con¬ 
ducted  on  rather  narrow  margins  by  reason  of  high 
prices  on  raw  materials  and  the  sharp  competition 
in  business,  there  has  been  a  remarkable  freedom 


from  failures.  In  Boston  the  leather  industry  is  in 
a  very  healthy  condition,  and  the  heads  of  the  leather 
houses,  both  great  and  small,  are  in  a  very  optimis¬ 
tic  state,  predicting  a  continuance  of  the  prosperity 
which  has  marked  the  past  year.  The  increasing 


SUMMER  STREET,  BOSTON— SHOE  AND  LEATHER  DISTRICT. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


6 1 


export  trade  in  American  shoes  affects  the  leather 
business  directly,  and  gives  it  a  tone  and  a  buoy¬ 
ancy  which  it  has  never  experienced  before. 

It  is  not  impossible  that  the  leather  business  should 
surpass  the  shoe  industry  during  the  next  year. 
This  statement  seems  at  first  inconsistent,  but  it  is 
explained  by  the  rumor  that  in  certain  quarters 
there  has  not  been  enough  leather  to  go  around  and 
not  near  enough  to  fill  orders  that  have  been  lately 
accumulating.  This  applies  both  to  sole  and  upper. 
H  igh  priced  stock  has  lately  been  reported  scarce 
and  at  the  same  time  there  has  been  no  plethora  of 
cheap  grades.  The  leather  dealers  will  have  to 
hustle  to  supply  the  demand. 

Cottle  Leather  Co. — A  recent  addition  to  Mass¬ 
achusetts  leather  houses  is  the  Cottle  Leather  Co., 
with  salesrooms  and  offices  at  48  and  50  South  street, 
Boston,  and  a  tannery  at  Woburn,  Mass.  The 
officers  of  the  firm,  which  was  organized  in  August, 
1901,  are  William  M.  Richardson,  President;  and 
F.  E.  Cottle,  Treasurer.  The  firm  is  capitalized 
under  Massachusetts  laws — which  require  that  all 
the  capital  be  paid  in — at  $150,000.  The  Cottle 
Leather  Co.  are  tanners  and  curriers  of  upper  leather 
exclusively,  and  they  have  established  a  reputation 
for  thoroughly  reliable  work,  which  has  placed  them 
in  a  prominent  position  among  similar  New  Eng¬ 
land  business  enterprises.  That  their  business  is 
prosperous  is  evidenced  by  the  fact  that  they 
employ  200  men. 

The  C.  Moensch  &  Sons  Co. — One  of  the  largest 
leather-producing  concerns  in  the  world  is  The  C. 
Moensch  &  Sons  Co.,  whose  Boston  store  is  117-119 
Beach  street.  Starting  in  1865  with  but  one  assist¬ 
ant,  Mr.  Moensch  has  built  up  a  business  which 
emp'oys  850  persons  and  operates  four  tanneries— 
three  making  upper  leather  and  one  hemlock  sole 
leather  only, — a  hide-glue  factory  and  two  stores, 
one  in  Boston  and  another  in  Chicago.  The  daily 
product  of  the  combined  plants  is  about  3  300  sides 
and  ten  tons  of  splits.  The  C.  Moensch  &  Sons 
Co.  now  includes  Fisher  &  Gaensslen  of  Gowanda, 
N.  Y.  and  the  Fisher  Tanning  Co.  of  Salamanca, 
N.  Y. 

William  F.  Mosser  &  Co.- — One  of  the  leading- 
sole  leather  houses  of  the  country  is  that  of  William 
F.  Mosser  &  Co.,  which  has  its  main  offices  at  184 
to  190  South  street,  Boston  and  a  Western  branch 
at  184  La  Salle  street,  Chicago. 

The  business  was  started  February  15th,  1898,  by 
William  F.  Mosser  and  Harvey  G.  Ruhe,  the  latter 
having  charge  of  the  Boston  selling  end.  The 
makeup  of  the  concern  continued  thus  until  Novem¬ 
ber,  1900,  when  a  consolidation  was  brought  about 
with  the  large  tanning  firms  of  L.  R.  Gleason  & 


Sons  and  William  Irvin  &  Son,  the  new  firm  owning 
six  large  tanneries  located  in  Pennsylvania,  and  in 
addition  handling  the  product  of  eight  other  tan¬ 
neries,  which  gives  it  a  total  output  of  about  21,000 
sides  of  sole  leather  every  week. 

Such  an  enormous  production  necessarily  called 
for  a  wider  outlet,  and  not  the  least  important  in¬ 
dication  of  Messrs.  Mosser  &  Co.’s  progressiveness 
is  to  be  found  in  its  large  and  growing  foreign  trade. 
In  January,  1901,  William  F.  Mosser  &  Co.  opened 
a  Western  office  in  Chicago,  and  all  their  domestic 
hides  are  bought  from  this  point.  The  Boston 
establishment  was  originally  located  at  132  Lincoln 
street,  with  one  floor  and  a  basement,  but  to-day  it 
occupies  the  whole  of  the  large  quarters  at  184  to 
190  South  street,  comprising  twelve  floors,  two 
basements  and  a  large  office  space. 

Ffides  and  Skins. 

FOREIGN  COUNTRIES  AND  THE  GREAT  WEST 
CONTRIBUTE  TO  THE  TRADE. 

Remarkable  changes  have  taken  place  in  the  raw 
skin  industry  in  the  past  decade.  The  demand  for 
hides,  particularly  calfskins,  has  wonderfully  in¬ 
creased,  and  there  have  been  radical  changes  in  the 
methods  of  handling  them.  The  old-time  tanner 
would  meet  with  many  surprises  if  he  were  to  come 
into  the  field  again.  Formerly  the  farmers  of  Mass¬ 
achusetts  and  other  New  England  States  furnished 
thousands  of  skins  annually  to  the  dealers.  The 
season  came  between  March  and  July.  Since  the 
advent  of  creameries  all  over  the  country  it  has 
become  necessary  to  secure  a  uniform  supply  of 
milk,  and  the  farmers  have  had  to  regulate  the 
coming  of  the  calves  at  all  seasons  of  the  year. 
This  has  relegated  the  raw  hide  industry,  as  far  as 
New  England  farmers  are  concerned,  to  the  back¬ 
ground.  Still  the  farmers  supply  some  skins,  but 
the  demand  is  so  great  that  the  domestic  supply  is 
entirely  inadequate. 

It  must  not  be  understood  that  the  skin  and  hide 
industry  has  lessened  in  volume.  Great  quantities 
of  raw  hides  are  imported  annually,  South  America 
supplying  the  greater  number.  Thousands  of  these 
hides  enter  Boston  ports  every  year.  The  West  is 
also  supplying  hides  in  great  numbers,  particularly 
the  Chicago  packing  houses.  The  Boston  houses 
are  doing  many  times  the  volume  of  business  that 
they  did  only  a  few  years  ago.  It  is  probable  that 
there  is  twice  as  much  business  done  to-day  in 
Boston,  where  the  raw  hide  industry  of  the  State  is 
now  practically  centred,  as  there  was  five  or  ten 
years  ago  when  smaller  houses  were  more  numer¬ 
ous.  The  outlook  is  most  encouraging. 


62 


The  Finance  and  Commerce  of  Boston  and  New  England. 


AMERICAN  HIDE  &  LEATHER  CO., 
HIDES  AND  LEATHER, 

17-21  EAST  STREET,  BOSTON. 

NEW  YORK  AND  CHICAGO. 


THE  UNITED  STATES  LEATHER  CO., 

NEW  YORK  OFFICES: 

26  AND  28  FERRY  STREET. 

BOSTON  OFFICES: 

204-210  ESSEX  STREET. 

CINCINNATI  OFFICE: 

810-812  SYCAMORE  STREET. 
CHICAGO  OFFICES: 

RANDOLPH  AND  FRANKLIN  STREETS. 
CABLE  ADDRESS:  UNIT,  N.  Y. 


N.  W.  RICE  CO., 

IMPORTERS  AND  EXPORTERS, 
HIDES,  WOOL,  LUMBER.  ETC., 

ESSEX  BUILDING, 

683  ATLANTIC  AVENUE, 
BOSTON,  MASS. 


Che  JMamifacture  of  Iron — JVew  GnglancTs 
Product  of  this  ]Metal  Sent  to  HU  parts 

of  the  Civilized  <Horld. 

METALS  AND  METALLIC  GOODS  AMONG  THOSE  SHOWING  HIGHEST  PERCEN¬ 
TAGE  OF  PROFITABLE  INVESTMENT— THE  INGENUITY  OF  THE  AMERICAN 
MECHANIC— MILLIONS  OF  DOLLARS  INVOLVED— PRO¬ 
NOUNCED  INCREASE  EVERY  YEAR. 

0 


1  f  1  RON,  the  king  of  metals,  enters  largely  into 
jvl'y  manufacturing  in  New  England.  Metals 
pjl  (b  anc^  metallic  goods  are  among  those  show- 
ing  the  highest  percentages  of  profitable 
investment,  and  of  these  iron  manufactures  are 
well  in  the  lead.  Iron  and  steel  works  and  machine 
shops  are  found  in  about  every  manufacturing  cen¬ 
tre  in  the  East,  and  the  number  and  products  of  iron 
are  infinite.  In  no  other  branch  of  manufacturing 
has  the  proverbial  ingenuity  of  the  American  me¬ 
chanic  been  shown  to  better  advantage  and  in  no  other 
line  has  the  influence  of  New  England  been  more 
widely  felt. 

Not  only  do  the  South  and  the  West  still  look  to 
the  East  for  their  machinery,  hardware  and  a  great 
number  of  other  products  of  iron  and  steel,  but 
foreign  countries  are  becoming  more  and  more  de¬ 
pendent  on  this  part  of  the  United  States  for  these 
supplies,  in  the  manufacture  of  which  New  England 
has  no  superior.  The  amount  invested  in  iron  man¬ 
ufactures  in  Massachusetts  reaches  many  millions 
of  dollars  and  shows  a  pronounced  increase  every 
year. 

Iron  and  Steel. 

NEEDS  OF  BOTH  LAND  AND  SEA  SUPPLIED. 

It  may  be  said  with  truth  that  iron  and  steel  have 
now  come  to  be  the  basis  of  all  material  progress, 
for  there  is  practically  no  limit  to  their  fields  of  use- 
frdness.  This  is  particularly  true  in  New  England, 
which  is  noted  for  the  number  and  variety  of  its 
manufactured  products.  In  these  products  iron  and 
steel  predominate  over  all  other  metals.  It  is 
difficult  to  know  where  to  begin  to  mention  even 


the  most  prominent  manufactures  in  iron  and  steel 
in  Boston  and  vicinity.  But  some  of  these  which 
command  attention  are  agricultural  implements  and 
the  iron  work  of  steamships,  tow-boats,  steam-yachts 
and  marine  engines. 

Eastern  Massachusetts  boasts  of  plants  where  all 
this  manufacturing  is  carried  on.  All  have  experi¬ 
enced  remarkable  prosperity,  and  from  a  standpoint 
of  production  the  past  year  was  a  banner  one.  In 
the  matter  of  ship  iron-work  great  progress  has  been 
made,  and  there  are  those  who  prophesy  that  this 
industry,  already  well  advanced  on  the  coast  of 
Massachusetts  Bay,  will,  in  a  few  short  years,  as¬ 
sume  proportions  not  inferior  to  some  of  the  great¬ 
est  plants  in  the  country. 

Progress  is  also  the  watchword  in  the  making  of 
agricultural  implements.  The  day  has  passed  when 
the  plowshare  and  simple  hand-tools  sufficed.  The 
most  elaborate  machinery  for  tilling  the  soil  and 
garnering  harvests  finds  an  increasingly  large  mar¬ 
ket  in  all  parts  of  the  world.  Boston  is  well  to 
the  front  in  supplying  the  demand.  Boston  is  now 
the  centre  of  a  new  process  of  steel  making  which 
is  quite  likely  to  bring  about  something  of  a  revolu¬ 
tionary  effect  in  some  branches  of  the  steel  industry. 
It  is  no  less  than  a  very  high  grade  of  steel  made 
entirely  from  wrought  steel  scraps  with  a  liberal 
mixture  of  certain  other  metals  during  the  process 
of  melting.  It  is  said  that  the  exceptionally  fine 
steel  which  is  a  result  of  this  process  has  been  a 
great  surprise  throLighout  the  steel  world  and  has 
attracted  scientific  attention  in  about  every  quarter 
of  the  globe.  The  manufacture  is  carried  on  under 
patents  and  the  composition  of  the  steel,  the  methods 
of  making  it,  the  materials  and  the  peculiar  process 


64 


The  Finance  and  Commerce  of  Boston  and  New  England. 


of  moulding',  have  resulted  for  the  first  time  in  the 
history  of  the  art,  so  it  is  claimed,  in  the  production 
of  east  steel  which,  in  tests  carried  out  in  Boston, 
have  proved  to  possess  qualities  of  strength  and 
ductility  equal  to  those  of  forged  steel. 

It  is  stated  by  those  who  have  seen  the  process  of 
this  new  steel’s  manufacture  that  it  seemed  as  if 
some  ingenious  Yankee  had  been  admitted  into 
some  of  the  secrets  for  which  the  old  alchemists 
sought.  An  observer  exclaimed :  “  How  Tubal  Cain 
would  raise  his  thewy  arm  in  amazement  could  he 
know  that  the  plowshare  he  hammered  into  shape 


could  now  be  cast  in  a  mold  without  tempering  or 
forging  and  all  ready  for  its  work,  save  the  sharp¬ 
ening.  ” 

Every  sort  of  steel  scrap,  borings  from  a  gun 
factory,  clippings  from  boiler  plate,  broken  wheels 
and  crank  shafts,  in  fact,  all  kinds  of  waste  and 
junk  are  turned,  by  this  process,  into  bright  new 
tools  in  a  few  hours,  with  only  the  furnace  and  the 
mold  as  intermediaries.  It  is  stated  that  these  ex¬ 
cellent  results  are  obtained  with  but  little  sacrifice 
of  the  high  economy  that  distinguishes  ordinary 
steel  east.  Evidence  of  its  remarkable  qualities  is 


found  in  the  fact  that  cold  chisels  and  hatchets  cast 
in  this  steel  will,  after  being  put  on  the  emery- 
wheel,  perform  their  work  with  perfect  satisfaction. 

In  tests  recently  carried  out  by  the  Government 
this  steel  showed  a  tensile  strength  of  67,300  pounds 
to  the  square  inch  and  an  elongation  of  25  per  cent, 
in  eight  inches,'  while  in  the  bending  tests  a  one- 
inch  square  bar  of  this  cast  steel  was  bent  cold 
through  an  arc  of  93.5  degrees  without  fracture. 
This  steel  has  been  used  with  great  success  by 
Government  and  private  shipbuilding  firms  in  all 
parts  of  the  country. 


Thk  Lockwood  Manufacturing  Co. — The  Lock- 
wood  Upright  Rope  Machine,  a  machine  that  is 
used  in  some  of  the  largest  cordage  plants  in  the 
United  States  and  Canada,  is  the  special  product  of 
the  Lockwood  Manufacturing  Co.  During  the  past 
few  years  this  company  has  built  and  installed  a 
quarter  of  a  million  dollars  worth  of  cordage 
machinery,  and  this  business  is  rapidly  increasing. 

The  plant  of  The  Lockwood  Manufacturing  Co. 
located,  at  61  to  85  Summer  street,  adjoining  the 
North  Ferry  in  East  Boston,  was  established  in 
1880  by  the  late  F.  A.  Lockwood,  whose  purpose 


VIEW  IN  THE  MACHINE  SHOP  OF  THE  LOCKWOOD  MANUFACTURING  CO. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


65 


was  to  build  a  patent  leather  dressing  machine,  of 
his  own  invention,  and  also  to  do  a  general  marine 
engineering  business,  both  building  and  repairing. 
The  business  developed  most  rapidly  in  the  line  of 
marine  engineering  work.  This  concern  built  the 
steamers  “Longfellow,”  “Ruth”  and  “Cymbria”; 
the  tugboats  “  Channing  ”  and  “  James  Woolley 
the  ferry-boats  “  Swampscott, ”  “Noddle  Island,” 
and  others.  During  the  Spanish- American  War, 
The  Lockwood  Manufacturing  Co.  made  alterations 
on  the  ferry-boat  “  East  Boston  ”  for  the  National 
Government.  Large  repair  jobs  on  ocean  liners, 
running  to  the  port  of  Boston,  are  taken  by  this 
company.  From  150  to  200  men  are  employed. 

Quincy  A.  Shaw  is  President  of  this  great  con¬ 
cern;  Quincy  A.  Shaw,  Jr.  is  Treasurer.  The 
Agent  and  Manager  is  Arthur  H.  Fogler,  and  the 
Mechanical  Engineer  is  William  L.  Tobey.  The 
company  is  incorporated  with  a  capitalization  of 
$300,000. 

G.  W.  &  F.  Smith  Iron  Co. — There  is  no  firm  in 
their  line  better  known  throughout  New  England 
than  the  G.  W.  &  F.  Smith  Iron  Co.,  the  shops  and 
foundry  of  which  occupy  six  acres  of  ground  on 
Island,  Gerard,  Farnham  and  Reading  streets,  in 
Boston.  Structural  steel  and  architectural  iron 
work  is  the  specialty  of  this  old  and  famous  con¬ 
cern,  which  was  established  by  George  W.  Smith  in 
1837,  and  took  its  present  name  in  1859.  Many  of 
the  prominent  structures  of  Boston  were  contracted 
for  by  this  concern.  Among  them  were  Harvard 
College,  Engineering  Buildings,  Massachusetts 
Building,  Institution  of  Savings,  the  Boston  Elevated 
railroad  stations,  Keith’s  and  Hollis  Street  Theatres, 
residences  of  Moorfield  Story,  E.  R.  Thayer,  Dr. 
Wells,  Charles  F.  Sprague  and  many  others. 
Among  the  present  officers  are:  Elmer  F.  Smith, 
President;  Frank  E.  White,  Secretary  and  E.  L. 
Wingate,  Superintendent.  The  company  is  now 
erecting  a  magnificent  new  building  of  iron  that 
will  cover  one  hundred  and  sixty  feet  square.  This 
will  be  their  new  foundry  on  their  present  grounds. 
In  addition  will  be  other  new  iron  shops,  which 
will  occupy  75x235  feet.  These  buildings  are 
going  up  fast,  and  when  completed  the  works  of 
the  G.  W.  &  F.  Smith  Iron  Co.  will  be  the  finest 
and  most  complete  of  any  like  company  in  New 
England.  The  company  is  a  member  of  the  Master 
Builders  Association. 

United  States  Steel  Co. — In  1898  Charles  S. 
Miller  and  H.  B.  Whall  associated  themselves  to¬ 
gether  and  commenced  to  manufacture  under  a 
secret  process  the  now  famous  “  Jupiter  ”  steel  cast¬ 
ings.  The  business  was  conducted  in  the  basement 
of  a  small  frame  building  40x60  feet,  and  but  four 


men  were  employed.  In  one  month  the  increased 
business  compelled  them  to  seek  larger  quarters, 
where  they  trebled  their  force,  and  shipped  cast¬ 
ings  to  the  largest  firms  in  New  England.  The 
year  following  they  organized  the  U.  S.  Steel  Co. , 
with  a  capital  of  $3,000,000,  to  patent  the  process, 
purchase  land  and  erect  buildings.  The  results  can 
best  be  ascertained  by  looking  at  the  results  in 
Everett,  where  the  company  now  employs  200  men, 
own  seventy-one  acres  of  land  and  operate  the 
second  largest  foundry  in  New  England.  Some 
idea  of  its  growth  can  be  obtained  from  the  fact 
that  the  contract  has  just  been  let  to  increase  the 
present  200  feet  building  to  150x500  feet,  one  of 
the  largest  steel  furnaces  in  the  country.  The 
officers  of  this  remarkably  successful  company  are : 
H.  B.  Whall,  President;  W.  E.  Pearson,  Vice- 
President;  C.  S.  Miller,  Treasurer  and  H.  R. 
Bradstreet,  Secretary.  The  Boston  office  is  at  145 
Oliver  street.  The  Eastern  plant  is  situated  at 
West  Everett,  Mass.  The  demand  for  Jupiter  cast¬ 
ings  is  daily  increasing. 

A  number  of  very  prominent  Boston  business 
men  are  stockholders  in  the  U.  S.  Steel  Co. 

Blowers  and  JYIacblnery. 

APPARATUS  WHICH  TAKES  THE  PLACE  OF  TALL 
CHIMNEYS  AND  ABATES  THE  SMOKE 
NUISANCE. 

Mr.  Pickwick  admired  the  chimney  pots  of  Lon¬ 
don,  and  found  in  them  an  inspiration  which  aroused 
his  utmost  enthusiasm.  But  Mr.  Pickwick  was 
quixotic  and  a  dreamer,  and,  had  he  known,  only 
admired  the  chimney  pots  through  force  of  habit; 
for  modern  Americans  have  demonstrated  that  not 
only  are  tall  chimneys  unlovely,  but  are  really  of  no 
practical  benefit  to  mankind.  To  be  sure  tall 
chimneys  still  exist  in  all  cities,  both  large  and 
small,  but  the  chances  are  that  they  are  doomed  to 
early  destruction.  As  it  is,  many  great  mills  and 
factories  which  were  formerly  offset  by  brick  struc¬ 
tures  that  towered  to  the  sky,  have  entirely  done 
away  with  the  great  smoking  chimneys  and  their 
works  have  not  only  not  suffered  but  have  been 
vastly  improved  thereby.  Mr.  Pickwick  was  mis¬ 
taken,  for  time  has  demonstrated  that  the  chimney 
pots  were  a  disfigurement. 

But  practical  utility  and  not  considerations  of  the 
esthetic  has  decreed  the  abolition  of  tall  factory 
chimneys,  and  this  fact  has  been  demonstrated  by  a 
modern  invention  known  as  a  mechanical  draft  ap¬ 
paratus,  which  takes  the  place  of  the  chimney  and 
at  the  same  time  greatly  reduces  the  expense  of 
fuel.  The  manufacture  of  this  mechanical  draft 


66 


The  Finance  and  Commerce  of  Boston  and  New  England. 


apparatus  is  an  important  industry  in  the  vicinity 
of  Boston.  The  concern  which  makes  them  has 
taken  down  its  tall  brick  chimney  and  substituted 
an  engine-driven  fan  and  a  short  smokestack,  which 
does  not  extend  above  its  lowest  buildings,  while 
great  volumes  of  smoke  are  no  more. 

The  innovation  is  described  as  follows:  “The 
fan  operates  on  the  induced  system ;  the  gases  pass 
directly  to  it  from  the  uptake  and  are  discharged 
through  a  short  stack  extending  just  through  the 
roof  of  the  boiler  house.  There  is  absolutely  no 
smoke.  The  engine  speed  is  automatically  controlled 
so  that  a  very  slight  drop  in  steam  pressure  greatly 
increases  the  intensity  of  the  draft.  The  steam 
pressure  is  thus  maintained  absolutely  constant. 
Comparative  tests  show  an  immense  saving  of  fuel 
by  this  contrivance. 

This  mechanical  draft  has  been  put  into  use  in 
many  parts  of  the  country  with  absolute  success, 
and  the  local  company  manufacturing  the  fans  is 
doing  a  large  and  increasing  business. 

The  manufacture  of  all  sorts  of  blowers  is  a  large 
industry  in  the  environs  of  Boston.  The  firm  which 
puts  on  the  market  the  great  mechanical  draft  ap¬ 
paratus  outlined  above,  through  industry,  inventive 
genius  and  the  ability  to  forecast  the  needs  of  this 
age  of  labor-saving  devices,  has  built  up  a  large 
business  in  the  manufacture  of  blowers  and  fans, 
which  have  taken  the  lead,  are  used  all  over  the 
country,  and  are  exported  in  large  numbers  to  for¬ 
eign  lands. 

The  B.  F.  Sturtevant  Co. — In  1857  the  founda¬ 
tions  of  the  present  big  manufacturing  firm  of  The 
B.  F.  Sturtevant  Co.  were  laid  in  Boston  by  B.  F. 
Sturtevant.  The  beginning  was  small,  the  quar¬ 
ters  then  occupied  were  but  a  very  little  fraction  of 
what  are  now  necessary.  The  business  was  a  suc¬ 
cess.  Its  growth  was  constant  when  its  perfected 
machinery  began  to  travel  throughout  the  country. 
In  1878  the  manufacturing  business  was  removed 
to  Jamaica  Plain  where  the  several  departments 
were  provided  with  ample  room. 

The  company  filed  articles  of  incorporation  in 
1890.  At  the  present  time,  E.  N.  Foss  is  the  Gen¬ 
eral  Manager  and  Treasurer. 

A  little  more  than  a  year  ago  a  severe  fire  threath- 
ened  to  wipe  out  the  entire  plant  with  all  of  its  valu¬ 
able  machinery.  As  it  was,  a  considerable  portion 
of  the  plant  was  destroyed.  It  was  a  setback  which 
would  have  proven  serious  to  a  less  substantial  firm. 
The  B.  F.  Sturtevant  Co.  met  the  disaster  with 
characteristic  business  energy. 

The  burned  portions  of  the  buildings  were  cleared 
away.  Work  was  immediately  commenced  upon 
others  of  an  improved  type,  and  now  there  is  to  be 


seen  near  the  Jamaica  Plain  station,  on  the  line  of 
the  New  York,  New  Haven  and  Hartford  railroad, 
well-nigh  completed,  manufacturing  buildings  that 
are  a  worthy  addition  to  Boston’s  increasing  busi¬ 
ness. 

The  products  of  the  Sturtevant  Co.  are  numer¬ 
ous.  Each  manufactured  article  is  produced  in  its 
own  department.  The  several  departments  employ 
the  year  round  about  700  skilled  mechanics  and 
artisans.  The  perfected  products  of  their  ingenuity 
and  skill  are  to  be  found  in  all  parts  of  the  United 
States  and  Canada  while  at  the  present  time  there 
is  a  considerable  demand  for  Sturtevant  Machinery 
abroad. 

It  was  as  manufacturers  of  blowers  that  the  firm 
first  became  famous,  but  as  the  business  has  grown 
other  lines  have  been  added. 

Now  there  are  turned  out  from  the  Jamaica  Plain 
shops  exhaust  fans,  steam  and  hot  blast  apparatus  for 
heating,  ventilating  and  drying  engines  of  all  kinds, 
electric  motors,  electric  generating  sets,  electric 
fans  of  largest  size,  forges,  exhaust  heads  and  many 
other  mechanical  appliances. 

Every  detail  of  the  manufacture  is  prepared  in 
the  works  at  Jamaica  Plain.  The  plans  are  pre¬ 
pared  in  the  designing  room  for  each  department, 
and  when  the  appliance  has  gone  through  the  vari¬ 
ous  processes  of  manufacture  it  is  shipped  aboard 
cars  that  back  into  the  midst  of  the  busy  plant. 

The  company  has  its  Boston  office  and  salerooms 
at  34  Oliver  street. 

Cdirc  Clotb. 

A  MODERN  MANUFACTURE  WITH  A  CONSTANTLY 
WIDENING  FIELD— ITS  WONDER¬ 
FUL  GROWTH. 

The  wire  cloth  industry  is  comparatively  modern, 
the  demand  for  wire  netting  in  nearly  all  forms 
having  arisen  during  the  last  half  of  the  past  cen¬ 
tury.  Nearly  all  the  firms  manufacturing  wire 
cloth  have  come  into  existence  since  1850.  Within 
the  past  twenty-five  years  the  industry  has  grown 
wonderfully,  and  to-day  wire  cloth  is  used  in  many 
forms  of  manufacturing,  in  building,  on  railroads 
and  in  countless  other  ways. 

The  kinds  of  wire  cloth  most  greatly  in  demand 
are  those  used  for  window  and  door  screens.  It 
was  not  many  years  ago  that  people  in  moderate 
circumstances  could  not  afford  anything  better  for 
their  windows  and  doors  than  cloth  mosquito  net¬ 
ting.  The  poorer  people  went  without  either.  It 
was  not  that  they  liked  flies  and  mosquitoes  better 
than  the  people  of  the  present  generation,  but  the 
wire  cloth  cost  so  much  that  it  was  beyond  their 
means.  To-day  wire  cloth  is  manufactured  by 


The  Finance  and  Commerce  of  Boston  and  New  England. 


67 


machinery,  which  turns  out  thousands  of  square 
feet  daily,  and  the  prices  are  so  low  that  the  poorest 
persons  can  have  it  in  their  windows  and  doors  of 
their  homes. 

Massachusetts  is  the  home  of  several  great  wire 
cloth  factories,  where  the  best  goods  are  turned  out 
to  meet  all  the  latest  demands.  The  constant 
building  of  homes  in  all  parts  of  the  country  creates 
the  leading  demand  for  wire  cloth  designed  for 
window  screens,  but  there  is  a  large  trade  in  gal¬ 
vanized  cloth  which  will  stand  atmospheric  varia¬ 
tions,  bed  springs,  poultry  netting,  woven  wire 
fencing  in  several  styles,  wire  door  mats,  which  are 
superior  both  from  a  utilitarian  and  sanitary  point 
of  view,  locomotive  sparker  cloth,  mining  or  battery 
wire  cloth  and  other  kinds.  Meshes  are  made  ex¬ 
pressly  designed  to  meet  the  requirements  of  the 
mechanic  arts.  There  is  really  no  limit  to  the  kinds 
of  wire  cloth  made  right  here  in  the  vicinity  of 
Boston. 

The  Clinton  Wire  Cloth  Co.- — The  first  practical 
power  loom  for  weaving  wire  cloth  was  invented 
and  patented  by  Erastus  B.  Bigelow,  of  Clinton, 
Mass.,  in  1857. 

In  1856  The  Clinton  Wire  Cloth  Co.  was  incor¬ 
porated  with  Horatio  N.  Bigelow,  Erastus  B. 
Bigelow  and  John  C.  Hoadley,  with  a  capital  of 
$20, 000. 

Throughout  its  history,  this  company  has  kept  in 
advance  in  all  mechanical  improvements. 

One  is  the  hollow  cop,  which  made  possible  an 
increased  speed.  The  output  in  1875  was  about 
5,000,000  square  feet,  while  to-day  it  is  over  106,- 
000,000  square  feet  of  wire  cloth  and  nettings. 

The  Clinton  Wire  Cloth  Co.  has  the  most  com¬ 
plete  netting  plant  in  the  world.  Last  year  their 
output  exceeded  200,000  bales. 

About  everything  in  the  line  of  woven  wire  this 
company  manufactures.  A  growing  industry  is  the 
manufacture  of  electrically  welded  fencing,  for 
which  this  company  hold  valuable  patents. 

In  1893  the  company  suffered  heavily  from  fire, 
and  a  loss  of  over  $150,000.  With  characteristic 
energy,  the  burned  mills  were  at  once  replaced,  and 
at  the  present  time  the  industry  at  Clinton  occupies 
upwards  of  thirty-four  buildings,  with  a  floor  space 
of  approximately  six  and  one-half  acres. 

From  1856  to  his  death  in  1879,  Honorable  Erastus 
B.  Bigelow  was  President  of  this  company. 

Honorable  Charles  H.  Waters  was  President  from 
1879  until  his  death  in  1883,  James  H.  Beal 
succeeded  him  in  1883. 

Chas.  H.  Waters  was  Treasurer  from  1858  to 
1865,  and  Chas  A.  Whiting,  until  1874,  when  Charles 
F.  Fairbanks  was  elected. 


Hs  to  “"Che  JVIetals.” 

AN  IMPORTANT  ELEMENT  IN  INDUSTRY  WHICH 
FINDS  A  GOOD  MARKET  IN  BOSTON. 

The  trade  divides  to  products  of  the  ore  mines 
into  iron  and  steel  and  “the  metals.”  The  latter 
classification  includes  lead,  antimony,  copper  and 
the  other  outputs  of  the  smelting  plants,  which  are 
regular  commercial  commodities  as  raw  materials. 

Boston  is  a  large  jobbing  centre  for  the  raw 
metals.  A  year’s  dealings  in  its  market  foot  up  an 
amount  somewhat  more  than  half  way  between  five 
and  six  million  dollars.  Although  the  great  mining 
developments  in  the  States  to  the  south  and  west 
of  New  England  have  given  rise  to  the  upgrowth 
of  numerous  distributing  centres  in  their  own 
vicinity,  the  steady  increase  of  manufacturing  in 
this  part  of  the  country,  and  especially  of  the  making 
of  those  things  in  which  metals  are  used  as  raw  ma¬ 
terials,  has  kept  the  business  of  this  city  good. 
Each  year  it  shows  improvement  and  the  men  who 
have  money  invested  find  ample  cause  for  satis¬ 
faction. 

The  importance  of  the  metals  in  Massachusetts  in 
particular  and  their  rank  as  a  commodity  is  well  in¬ 
dicated  in  the  statistics  of  manufacture  issued 
annually  by  the  State.  Metals  and  metallic  goods 
is  the  classification  which  covers  the  sources  of  de¬ 
mand  for  the  raw  materials  and  they  stand  more 
than  half-way  up  in  the  list  of  the  nine  leading 
industries. 

Linotype  Metal.— One  of  the  greatest  industries 
in  the  country  to-day  is  the  manufacture  of  the  metal 
used  in  the  linotype  machines.  After  the  feasibility 
of  the  machine  was  established  came  the  necessity 
of  a  metal  to  meet  its  requirements.  A  number  of 
companies  were  established  in  different  parts  of  the 
country,  which  made  various  grades  with  more  or 
less  success,  but  it  fell  to  the  City  of  Quincy,  Mass., 
a  suburb  of  Boston,  to  produce  an  article  that  is 
universally  pronounced  as  an  excellent  material,  as 
made  by  A.  B.  Packard,  for  the  use  of  linotype  ma¬ 
chines  and  used  by  newspapers  generally. 

hardware  Jobbing. 

A  TRADE  WHICH  AMOUNTS  TO  SIX  MILLIONS  A 
YEAR  AND  IS  GROWING  IN  SPITE  OF 
NEW  COMPETITION. 

A  conservative  estimate  sets  the  total  yearly  busi¬ 
ness  of  Boston’s  jobbers  in  the  manufactures  of  iron 
and  steel  classed  commercially  as  light  and  heavy 
hardware,  at  about  $6,000,000.  Slowly  but  surely 
the  trade  is  expanding,  and,  as  in  other  lines,  there 
is  a  steady  and  normal  growth,  with  a  good  tone  and 
consequent  encouraging  outlook. 


68 


The  Finance  and  Commerce  of  Boston  and  New  England. 


The  circumstances  in  which  hardware  jobbers 
here  conduct  their  business  have  altered  greatly  in 
fifteen  or  twenty  years.  Factories  have  been  put  in 
operation  near  the  raw  material  supplies,  wherever 
they  may  be,  all  over  the  country,  and  the  result 
has  been  the  springing  up  of  distributing  points  for 
the  trade  in  nearly  every  one  of  those  localities. 
Boston  has  the  New  England  field  to  itself,  how¬ 
ever,  with  practically  no  molestation,  and  certain 
of  the  agricultural  implements  which  find  this  their 
natural  salesmart  are  in  world-wide  use. 

There  are  still  in  the  hardware  trade  some  of  the 
real  old-time  Boston  business  men — more,  perhaps, 
than  most  mercantile  lines  can  boast  now.  They 
served  their  apprenticeship  in  days  when  young 
men  had  to  understand  the  goods  they  dealt  in  from 
the  raw  material  to  the  finished  article.  Their 
firms  were  established  on  the  foundation  laid  by 
this  kind  of  training  and  have  been  built  up  in 
accordance  with  the  solid  New  England  prin¬ 


ciples  of  fair  dealing,  “right  goods  and  right 
profits.  ” 

Bigelow  &  Dowse  Co. — One  of  the  famous  old 
concerns  of  Boston  is  the  Bigelow  &  Dowse  Co., 
whose  establishment  on  Franklin  street  is  one  of 
the  important  centres  of  the  hardware  trade  of  the 
United  States.  Under  one  style  or  another  the 
house  has  been  in  business  since  1839,  when  it  was 
known  as  Horton  &  Cordis,  and  its  history  is  one  of 
uninterrupted  development,  which  still  shows  in  an 
increasing  business  each  month. 

Samuel  A  Bigelow,  now  the  President,  had  been 
in  the  hardware  trade  for  ten  years  when,  in  1864, 
he  first  became  connected  with  this  particular  con¬ 
cern,  with  which  Charles  F.  Dowse,  the  present 
Treasurer,  had  begun  his  mercantile  career  four 
years  previous. 

The  Secretary  of  the  corporation,  which  was 
formed  under  the  Massachusetts  laws  in  1894,  is 
Charles  .King. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


69 


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Che  [Manufacturing  Crade  in  General  [Making 
Great  Hdvances  in  face  of  [Many 
Obstacles  in  the  Last  Decade. 

THE  OLD  BAY  STATE  IN  THE  FOREGROUND— AN  INCREASE  OF  $ 200,000,000 
IN  TEN  YEARS— MANY  NEW  MANUFACTORIES,  IN  VARIOUS  PARTS 
OF  THE  COMMONWEALTH— THE  FOREIGN  MARKET 
AND  HOME  CONSUMPTION. 


823 HE  East  is  pre-eminently  the  manufactur- 
^  ing  centre  of  the  world  to-day,  and  Mass- 
]WJ  achusetts  stands  in  the  foreground  with 
others  of  the  New  England  States,  having 
made  a  remarkable  increase  in  all  branches  of  man¬ 
ufacturing  in  the  last  decade.  Although  the  past 
ten  years  has  not  been  a  period  of  unbroken  ad¬ 
vancement,  Bay  State  manufactures  increased  about 
$200,000,000,  or  about  30  per  cent.,  while  the  num¬ 
ber  of  establishments  increased  from  26,923  to  29, 178. 
There  has  been  a  corresponding  gain  in  capital  in¬ 
vested  in  these  ten  years,  and  also  in  the  value  of 
the  product  of  Massachusetts  industries. 

All  of  the  distinctively  manufacturing  cities  in 
the  State  have  made  satisfactory  advances,  but  Bos¬ 
ton  still  continues  to  be  the  centre  from  which 
springs  the  business  control  of  the  whole  Common¬ 
wealth.  New  manufactures  have  been  produced, 
while  the  tendency  has  been  to  improve  each  year 
on  the  quality  of  the  old.  Foreign  markets  are 
being  invaded  as  never  before  by  Massachusetts 
manufactures,  and  the  home  consumption  is  con¬ 
tinually  enlarging.  The  outlook  for  manufacturing 
was  never  brighter  than  now. 

Rubber  Belting. 

OLDEST  MANUFACTURERS  IN  THE  COUNTRY 
LOCATED  IN  BOSTON— GREAT 
RECENT  GROWTH. 

It  is  possibly  unknown  to  many  persons  that  the 
manufacture  of  rubber  goods  is  an  important  indus¬ 
try  in  Massachusetts,  and  is  carried  on  extensively 
in  Boston.  Several  of  the  New  England  States  con¬ 
tain  large  rubber  works,  and  Massachusetts  is  well 


to  the  front  in  this  line.  Boston  is  the  home  of  the 
oldest  rubber  belting  manufacturing  concern  in  the 
United  States.  This  firm  also  has  the  record  of 
being  the  original  makers  of  India  rubber  goods  for 
manufacturing  purposes,  having  been  established 
three-quarters  of  a  century  ago  and  now  being 
capitalized  with  $1,000,000  paid  in.  The  manufac¬ 
ture  of  rubber  goods  in  Massachusetts  began,  per¬ 
force,  in  a  small  way,  as  the  demands  of  seventy- 
five  years  ago  were  very  limited. 

One  of  the  earliest  products  of  this  line  was  fire 
hose,  but  this  has  been  greatly  improved.  Our  an¬ 
cestors  were  content  to  trust  in  Providence  and  let 
the  rain  from  the  clouds  water  their  gardens  and 
grass  plots,  but  moderns  are  more  impatient  and  use 
city  water  drawn  through  a  garden  hose. 

Improvements  in  railway  mechanism  have  been 
productive  of  the  latest  demand  for  rubber  goods. 
Up  to  date  railroads  now  equip  their  trains  with 
three  distinct  hose  attachments,  the  air  brake  hose, 
steam  car  heating  hose  and  air  signal  hose.  These 
are  made  of  rubber  and  have  greatly  increased  the 
business  of  rubber  goods  manufacturers. 

Another  modern  use  of  rubber  is  the  manufacture 
of  air  and  steam  drill  hose  for  mining  purposes. 

Boston  Belting  Co. — The  India  rubber  industry 
in  the  United  States  was  started  in  1828,  in  Rox- 
bury,  by  the  Roxbury  Rubber  Co.,  and  rubber  man¬ 
ufacturing  developed  its  success  when  this  original 
company  was  merged  into  the  Boston  Belting  Co., 
a  corporation  formed  in  1845.  The  Boston  Belting 
Co.  was  the  first  in  the  United  States  to  manufac¬ 
ture  vulcanized  rubber  goods.  At  its  factories  the 
process  of  vulcanizing  rubber  was  perfected,  and 
there,  also,  the  manufacture  of  all  the  various  kinds 


The  Finance  and  Commerce  of  Boston  and  New  England. 


7i 


of  rubber  goods  was  originated  and  developed.  As  the  New  England  States  and  this  naturally  creates 

the  industry  grew,  rights  to  manufacture  rubber  a  big  market  for  the  raw  material. 

boots,  shoes,  clothing,  etc.  were  sold — The  Boston  The  average  person  can  hardly  realize  the  millions 


Belting  Co.  retaining  the 
right  to  manufacture  me¬ 
chanical  rubber  goods. 
Much  of  the  machinery 
now  extensively  used  in 
the  manufacture  of  me¬ 
chanical  rubber  goods 
was  invented  and  per¬ 
fected  at  the  Boston  Belt¬ 
ing  Co.’s  plant.  Mr. 
James  Bennett  Forsyth, 
who  has  been  associated 
with  the  company  from 
boyhood,  and  who  is  now 
its  Manufacturing  Agent 
and  General  Manager, 
has  been  granted  over 
fifty  patents  relating  to 
rubber  manufacturing 
machinery  and  processes 
of  making  rubber  goods. 

The  factories  of  the 
Boston  Belting  Co.  are 
located  in  Boston.  They 
give  employment  to 
about  700  men.  The 
company  operates  stores 
at  256-260  Devonshire 
street,  Boston,  100-102 
Reade  street,  New  York, 
and  90  Pearl  street,  Buf¬ 
falo.  It  has  agencies  in 
all  the  important  cities 


of  this  country,  and  is 
also  represented  in  England,  Germany,  Switzerland 
Australia  and  Japan. 

Crude  Rubber. 

BOSTON  THE  EARLIEST  HOME  OF  A  TRADE 
WHICH  IS  BECOMING  MORE  AND 
MORE  VALUABLE. 


KING’S  CHAPEL. 

This  is  one  of  the  most  picturesque  relics  that  the  city 
possesses.  It  has  stood  since  1754,  having  bee7i  first  used 
in  August  of  that  year,  after  five  years  spent  in  building. 
The  design  of  the  architect  included  a  steeple ,  but  none  was 
ever  built.  Through  the  siege  of  Boston  it  was  the  church 
which  the  British  officers  regularly  attended. 

The  burying  ground  at  the  side  of  the  Chapel  was  the 
first  laid  out  in  Boston.  The  exact  date  of  its  establish¬ 
ment  is  not  known,  btit  the  first  burial  was  in  i6jo.  The 
church  is  still  used  every  Sunday. 


of  pounds  of  rubber  that 
are  required  annually  for 
the  production  of  these 
goods.  Popular  stories 
have  been  circulated 
from  time  to  time  of 
the  probability  of  the 
early  exhaustion  of  the 
rubber  supply,  the  cause 
ascribed  being  the  im¬ 
mense  amount  of  rubber 
imported  in  late  years  for 
the  making  of  rubber 
tires  for  bicycles  and 
horseless  vehicles.  But 
this  alarm  seems  to  have 
been  causeless.  Great 
quantities  of  Para,  which 
is  the  finest  quality  of 
rubber  in  the  world, 
were  imported  in  Bos¬ 
ton  and  other  ports  dur¬ 
ing  the  past  year,  as  well 
as  tons  of  Congo  rubber, 
a  more  crude,  but  valu¬ 
able  variety. 

The  major  portion  of 
crude  rubber  now  comes 
from  Brazil  and  there  is 
every  indication  that  the 
rubber  forests  of  that 
country  will  not  be  ex¬ 
hausted  for  a  hundred 


years  to  come. 

Boston  is  the  home  of  a  large  crude  rubber  im¬ 
porting  house,  the  manager  of  which  said  recently 
that  there  was  no  indication  that  the  rubber  supply 
would  ever  give  out  Business  in  this  line  was  in 
a  flourishing  condition  throughout  the  past  year, 
showing  a  decided  increase  in  the  amount  of  rubber 
imported.  The  outlook  for  1902  is  as  bright  as  in 
any  industry  in  the  country. 


The  handling  of  crude  rubber  is  an  industry  car¬ 
ried  on  in  Boston  to  an  extent  not  realized  by  the 
majority  of  persons.  There  is  every  reason  why 
this  business  should  occupy  an  important  place  in 
the  commercial  world  of  the  metropolis  of  the  East. 
The  manufacture  of  rubber  goods  is  an  enormous 
industry  in  Connecticut  and  not  less  so  in  Massa¬ 
chusetts,  the  oldest  firm  of  this  nature  in  the  coun¬ 
try  being  located  in  Boston.  Rubber  footgear, 
clothing,  belting,  hose  of  all  sorts,  bicycle  tires  and 
hundreds  of  smaller  articles  are  manufactured  in 


George  A.  Alden  &  Co. — Boston  is  represented 
almost  the  world  over  by  George  A.  Alden  &  Co., 
importers,  whose  principal  and  main  offices  are  at 
170  Summer  street,  in  the  Wentworth  Building. 
The  principal  lines  in  which  the  firm  deals  are 
crude  rubber,  gutta  percha,  shellac  and  cocoa,  and 
its  business  runs  up  in  two  figures  of  the  millions. 

This  concern  was  started  in  1855  by  George  A. 
Alden,  who  began  as  a  broker,  and  has  grown 
steadily  until  to-day  it  is  represented  in  all  of  the 


72 


The  Finance  and  Commerce  of  Boston  and  New  England. 


foreign  markets  and  maintains  its  own  houses  in 
New  York,  in  London  and  Liverpool,  in  Para  and 
Manaos,  Brazil,  in  Paramaribo,  Surinam  and  Trini¬ 
dad,  Port  of  Spain.  In  New  York  the  rubber,  shellac 
and  cocoa  branches  have  each  separate  establish¬ 
ments.  The  business  of  the  firm  and  its  various 
branch  houses  and  agencies  amounts  yearly  to  about 
$16,000,000  in  rubber  alone.  In  shellac  its  annual 
trade  is  a  full  million  and  in  cocoa  one  and  one-half 
millions. 

Besides  these  specialties  Messrs.  Alden  &  Co. 
have  a  business  in  foreign  gums  amounting  to  3,000 
long  tons  every  twelve  months. 

George  A.  Alden  is  one  of  Boston’s  representa¬ 
tives  old-time  merchants,  the  men  who  laid  a  good 
share  of  the  foundation  of  America’s  present  pros¬ 
perous  foreign  trade.  With  him,  in  the  firm,  are 
A.  H.  Alden  and  Arthur  W.  Stedman.  They  are 
men  of  his  own  type. 

fertilizer  JYIaking. 

HOW  NEW  ENGLAND’S  NECESSITY  HAS  BENE¬ 
FITED  THE  FARMERS  OF  THE  WHOLE  WORLD. 

As  the  early  New  Englander  wrested  his  liveli¬ 
hood  from  the  hardy  soil,  and  as  many  of  his 
descendants  are  farmers  to-day,  it  is  only  natural 
that  the  interests  of  agriculture  and  the  manufac¬ 
ture  and  distribution  of  its  aids  and  necessities 
should  engage  the  attention  of  some  of  the  shrewd 
and  skillful  men  of  the  Pilgrim  Commonwealths. 
The  efforts  which  personal  needs  first  called  forth 
were,  by  degrees,  broadened,  and  the  Western 
pioneer  looked  to  his  Eastern  home  for  the  means 
of  tilling  the  prairies  and  making  fertile  the  great 
wastes  which  have  since  his  time  become  the  fer¬ 
tile  gardens  of  the  world. 

From  the  axe  which  cleared  the  forests,  the 
plow  which  broke  the  ground  and  the  various 
implements  which  cultivated  and  harvested  the 
crops,  the  natural  step  was  toward  increasing  the 
fertility  of  the  land.  The  New  England  soil  was 
rough  and  hard  in  places  and  needed  encourage¬ 
ment  to  do  its  best.  Then  science  was  called  into 
consultation  with  the  farmer’s  experience,  and 
experiment  and  practical  test,  patience  and  skill 
established  and  built  up,  at  length,  a  great  fertili¬ 
zer  industry.  Now  it  employs  hundreds  of  men 
and  thousands  dollars  everv  day. 

Lowf.ll  Fertilizer  Co. — Few  concerns  in  any 
line  of  business  have  the  facilities  for  producing 
the  best  possible  results  that  the  Lowell  Fertilizer 
Co.  has  with  its  offices  at  No.  44  North  Market 
street,  Boston,  and  its  works  at  South  Lowell, 


Mass.  It  manufactures  the  highest  grade  of  animal 
fertilizers  and  imports  and  deals  in  the  finest  agricul¬ 
tural  chemicals,  including  in  its  specialties  also  a 
food  for  cattle  and  several  poultry  foods.  Its  goods 
have  made  its  brand  “  Lowell”  known  all  over  the 
world. 

The  company  is  capitalized  for  a  million  dollars 
and  consists  of  E.  C.  Swift,  G.  F.  Swift  and  J.  F. 
Lockwood.  It  was  established  in  1895  and  the 
great  Swift’s  packing  establishment  furnishes  an 
unequalled  supply  of  many  of  its  materials. 

Glue  and  Curled  F)air. 

MATERIALS  ONCE  CONSIDERED  WASTE  NOW 
VALUABLE  IN  COMMERCE— AN 
INTERESTING  HISTORY. 

The  average  person  is  probably  quite  ignorant  of 
the  origin  of  glue,  and  unaware  how  extensively 
the  substance  is  used  in  many  branches  of  manu¬ 
facturing.  And  yet  the  making  of  glue  is  an  im¬ 
portant  industry  in  Eastern  Massachusetts.  One 
firm,  which  has  its  headquarters  in  Boston,  has  a 
large  factory  in  the  environs  of  this  city  and  an 
enormous  plant  in  Philadelphia,  employing  in  all 
several  hundred  hands.  Glue  and  curled  hair  are 
turned  out  in  great  quantities  annually. 


BAEDER,  ADAMSON  &  CO., 


MANUFACTURERS 

GLUE,  CURLED  HAIR,  SAND  PAPER,  EMERY 
CLOTH,  HAIR  FELTING,  ETC. 


FACTORIES : 

PHILADELPHIA. 
WOBURN,  MASS., 
NEWARK,  N.  J. 


STORES : 

PHILADELPHIA, 
NEW  YORK, 
BOSTON, 
CHICAGO. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


73 


The  manufacture  of  glue  is  an  industry  which  had 
a  very  primitive  origin.  The  glutinous  substance 
is  extracted  from  the  hides  of  cattle,  and  in  the 
ancient  days,  principally  in  Europe,  the  country 
butcher  used  the  odds  and  ends  of  his  hides  in 
making  glue,  which  he  peddled  about  the  country, 
or  disposed  of  to  wholesalers.  In  the  early  days 
of  this  country  concerns  were  started  which  made  a 
business  of  buying  up  all  the  hide  scraps  from  the 
butchers  and  making  them  into  glue,  and  very 
shortly  the  country  butcher  found  he  could  dispose 
of  the  scraps  in  this  way  to  a  better  advantage  than 
he  could  make  the  glue  himself.  In  this  way  the 


foundation  stones  were  laid  of  an  industry  which 
has  steadily  grown  in  importance  and  volume  of 
output.  To-day  the  glue  manufacturers  look  to  the 
tanneries  mostly  for  their  raw  material. 

The  raw  material  for  curled  hair  is  principally 
imported  from  South  America.  The  hair  is  from 
the  tails  and  manes  of  horses  which  are  raised  in 
great  numbers  on  the  plains  of  South  America,  the 
horses  being  sheared  every  three  years.  The  hair 
is  strong  and  wiry  and  is  curled  by  a  process  of 
braiding.  Curled  hair  is  used  in  upholstering  furn¬ 
iture  and  mattresses,  and  the  amount  consumed 
annually  for  this  purpose  is  constantly  increasing. 


In  the  public  Service — Cbe  Celepbone  System, 
Gas  and  Ice  Companies,  wbicb  Supply 
Important  and  Accessary  JNccds 

of  tbe  people. 


INTERESTING  FEATURES  AND  RESPONSIBILITY  OF  THESE  INVALUABLE  INSTITU¬ 
TIONS— THE  MAGNIFICENT  TELEPHONIC  SYSTEM  OF  NEW  ENGLAND  — 
BOSTON’S  EXCELLENT  GAS  SERVICE  IS  UNSURPASSED  ANY¬ 
WHERE— EVERY  FACILITY.  IMPROVEMENT  AND 
CONVENIENCE  GIVEN  THE  CITIZEN. 


HERE  are  certain  features  of  modern  life 
that  are  in  such  constant  use  that  the 
average  person  is  apt  to  overlook  their 
importance.  The  magnificent  telephone 
system  which  extends  all  over  New  England  is  per¬ 
haps  one  of  these.  But  if  it  were  discontinued  for 
a  day  consternation  would  ensue.  Nowhere  in  the 
world  is  the  telephone  system  more  complete  or 
better  adapted  to  public  needs  than  it  is  in  New 
England. 

With  the  advance  of  electricity  one  is  apt  to  for¬ 
get  gas,  but  it  is  indispensable.  Gas  to-day  is  em¬ 
ployed  for  a  hundred  purposes  where  it  was  one  a 
few  years  ago.  Its  importance  as  a  fuel  is  every 
year  becoming  more  apparent.  Boston  gas  is  sup¬ 
plied  from  plants  equipped  with  every  modern 
accessory. 

It  is  said  that  Americans  have  to  go  to  London  to 
appreciate  what  it  is  to  be  without  ice.  Certainly 
Bostonians  will  never  learn  at  home.  Every  facility 
in  the  way  of  purity  of  quality,  reasonableness  of 
price,  and  convenience  in  distribution  is  given  to 
the  people  of  the  Hub. 


Telephones. 

THE  BINDING  TIE  OF  ACTIVE  MODERN  LIFE. 

The  wonderful  story  of  the  telephone  is  thor¬ 
oughly  American.  The  little  instrument  which  has 
become  such  a  common  daily  necessity  and  con¬ 
venience  that  its  marvels  are  seldom  thought  of 
now  practically  owes  its  being  to  American  genius, 


and  it  has  been  brought  to  its  highest  state  of  per¬ 
fection  in  this  country.  And  men  of  Massachu¬ 
setts — most  of  them  men  who  lived  within  the  circle 
of  “Greater  Boston” — had  large  shares  in  its  sug¬ 
gestion  and  invention. 

In  1837  Dr.  C.  G.  Page,  of  Salem,  Mass.,  drew 
attention  to  the  sound  given  forth  by  an  electro¬ 
magnet  when  the  electric  circuit  is  broken  or 
closed,  and  this  is  the  first  hint  in  the  application 
of  electricity  to  the  telephone.  It  was  the  basis 
of  the  first  experiments  in  the  transmission  of  mu¬ 
sic  and  speech.  The  earliest  worker  at  the  mod¬ 
ern  telephone,  and  the  man  to  whom  the  present 
great  commercial  importance  of  the  instrument  is 
due  was  A.  G.  Bell.  Prof.  Dolbear,  for  so  many 
years  at  the  head  of  the  physics  department  of 
Tufts  College,  made  simultaneous  experiments  with 
Bell,  and  practically  simultaneous  but  independent 
discoveries  relating  to  the  adaptation  of  the  electro¬ 
magnet  to  sound  transmission. 

Thomas  Edison  patented  a  peculiar  and  novel 
transmitter  and  receiver  in  1877,  and  Elisha  Gray 
of  Boston  performed  experiments  very  similar  to 
Edison’s,  which  he  reported  in  1875  and  1878.  Bell 
in  a  patent  and  Gray  in  a  caveat,  which  was,  curi¬ 
ously  enough,  filed  but  two  hours  after  Bell’s  papers, 
recognized  the  principle  on  which  the  telephone  in¬ 
strument  of  to-day  is  constructed,  and  their  idea 
has  been  perhaps  the  most  fruitful  of  any  modifica¬ 
tion  of  telephone  apparatus  introduced.  Emile 
Berliner  and  Edison  were  next  in  the  field  with 
new  transmitters,  and  in  the  early  part  of  1878 


The  Finance  and  Commerce  of  Boston  and  New  England. 


75 


Prof.  Hughes  put  forth  the  microphone,  of  which 
some  of  the  best  modern  transmitters  are  modifica¬ 
tions.  One  of  the  most  perfect  transmitters,  and 
the  one  most  commonly  employed  in  this  country 
in  particular,  was  contrived  by  Francis  Blake,  also 
an  American. 

The  telephone  has  then  been  in  existence  about 
a  quarter  of  a  century,  although  it  has  been  in  gen¬ 
eral  use  but  little  more  than  a  score  of  years.  Its 
development  has  been  one  of  the  most  remarkable 
feats  of  an  age  of  scientific  wonders.  From  a  mere 
local  convenience  it  has  spread  to  a  long-distance 
service  that  is  one  of  the  elements  which  make  pos¬ 
sible  modern  business.  The  fact  that  it  is  instan¬ 
taneous,  that  it  permits  of  the  discussion  of  a  mat¬ 
ter  by  two  persons  without  the  delay  incident  to 
other  means  of  com¬ 
munication,  and  that, 
at  little  cost,  it  makes 
it  possible  to  save  the 
expense  and  time 
formerly  necessary 
for  a  personal  inter¬ 
view  has  not  onlv 
made  the  long-dis¬ 
tance  telephone  pop¬ 
ular,  but  has  been 


an  incentive  to  its 
extension  and  to 
many  improvements 
in  its  working.  The 
result  is  an  almost 
ideal  service 
throughout  the 
United  States,  in 
which  New  England  seems  to  be  most  favorably 
treated. 

Long  distance  telephoning  began  in  this  country 
in  1883,  when  New  York  and  Cleveland,  650  miles 
apart,  conversed  with  each  other.  To  insure  dis¬ 
tinctness  over  such  a  distance,  especially  fine  in¬ 
struments  and  wires  were  employed,  and  instead  of 
using  the  ground  for  a  return  conductor,  as  is  done 
in  the  local  service,  two  wires  of  copper  were  used. 
For  several  days  after  the  great  blizzard  of  1888 
the  only  direct  means  of  communication  between 
Boston  and  New  York  was  by  long  distance  tele¬ 
phone,  its  lines  alone  having  withstood  the  force  of 
the  storm. 

In  1892  New  York  and  Chicago  were  connected 
by  telephone.  This  was  a  great  advance,  for  though 
the  distance  between  the  cities  is  nearly  a  thousand 
miles,  communications  were  spoken  and  heard  at 
either  end  with  as  much  ease  as  if  they  had  been 
neighborhood  conversation.  Questions  whispered 
into  the  transmitter  were  plainly  understood  and 


BOSTON  PUBLIC  LIBRARY. 

This  is  the  largest  library  in  the  world  for  free  circulation.  The 
present  building  was  opened  to  the  public  in  189s,  a?id  has  room  for  two 
million  volumes ,  beside  ample  space  for  students  and  readers.  It 
houses,  too,  world  famous  sculptures  and  pamtings,  mcluding  -work 
from  the  chisel  of  St.  Gaudens,  and  the  products  of  the  brushes  of 
Sargent,  Abbey  and  De  Chevamies. 


answered  in  like  manner.  The  New  York-Chicago 
line  was  twice  as  long  as  any  that  had  been  oper¬ 
ated  up  to  that  time.  The  year  after  its  opening  it 
was  put  to  what  was  in  that  day  considered  the 
supreme  test.  The  wire  was  connected  at  New 
York  with  the  Boston  lines,  which  increased  the 
distance  traversed  to  1,259  miles,  and  a  program 
of  songs  and  recitations  given  in  this  city  was 
listened  to  by  a  distinguished  company  invited  to 
witness  the  triumph  in  Chicago. 

Five  years  ago  the  longest  telephone  line  in 
operation  anywhere  was  the  one  from  Boston  to 
Memphis,  Tenn.,  1,600  miles  away.  Since  then 
another  long  step  has  been  taken,  and  now  Boston 
and  Omaha,  Neb.,  or  Kansas  City,  Kan., — the  latter 
being  the  longest  distance  the  telephone  has  yet 

covered — chat  daily 
and  as  comfortably 
and  distinctly  as  if 
they  were  on  oppo¬ 
site  sides  of  a  fifty- 
foot  street.  These 
results  are  due 
largely  to  the  metal¬ 
lic  circuit  and  the  so- 
called  long  distance 
transmitter,  the 
receiver  having  been 
altered  but  little 
since  its  first  intro¬ 
duction. 

The  more  general 
understanding  of  the 
advantages  of  the  tel- 
ephone  have 
brought,  of  course,  a  tremendous  expansion  of  the 
telephone  service.  The  establishment  of  “pay  sta¬ 
tions  ”  for  the  use  of  the  general  public  has  been  a 
great  convenience  and  has  met  with  such  a  demand 
that  the  growth  of  this  branch  of  the  telephone  busi¬ 
ness  alone  has  been  phenomenal,  its  usefulness  being 
made  the  more  readily  available  by  the  addition  of 
telephone  service  to  the  long  list  of  things  which  can 
be  had  by  dropping  a  coin  in  the  slot.  Individual 
instruments  which,  set  on  a  metal  standard,  may  be 
moved  from  place  to  place  with  ease  are  nowadays 
a  necessary  part  of  the  equipment  of  every  well- 
furnished  business  establishment,  and  progressive 
hotels  place  in  every  room  a  telephone  which  con¬ 
nects  directly  with  the  outer  world.  The  most 
recent  innovation,  installed  only  in  the  largest  cities 
as  yet  on  account  of  its  great  expense,  is  the  com¬ 
mon  battery  system  by  which  communication  is 
established  with  the  central  office  when  the  receiver 
is  lifted  from  its  holder,  so  that  only  one  hand  is 
engaged  in  using  the  instrument.  A  little  button 


The  Finance  and  Commerce  of  Boston  and  New  England. 


76 


which,  when  pressed,  isolates  the  transmitter  so 
that  the  listener  at  the  other  end  of  the  wire  can  be 
cut  off  for  a  moment  without  the  necessity  of  dis¬ 
connecting  him  altogether  is  one  of  the  minor  ad¬ 
vantages  introduced  within  a  year  or  two. 

This  tells  of  the  mechanical  improvement  in  this 
epitome  of  modernism,  the  telephone,  and  of  its 
increased  value,  to  the  cities  and  the  business  man, 
but  there  is  another  chapter  which  is,  in  its  way, 
quite  as  interesting  and  important.  It  refers  to  the 
use  of  telephones  in  factories  and  mines,  in  the 
rural  districts  and  on  farms.  Where  in  the  old 
days  personal  presence  was  the  only  way  of  super¬ 
intending  a 
large  manu¬ 
facturing 
plant,  now 
telephones 
connect  the 
directing 
head  with  his 
1  ieu  tenants 
and  puts  him 
in  direct  and 
instant  touch 
with  every 
department 
which  comes 
under  his 
manage¬ 
ment.  The 
miner,  hun¬ 
dreds  of  feet 
fro  m  d  a  y - 
light  and  the 
open  air,  used 
often  to  be 
cut  off  from 
com  m  u  n  ica- 
t  ion  with 
those  on 
w  h  o  m  h  i  s 

safety  depended  while  he  was  at  work.  Now  the 
telephone  links  the  furthest  tunnel  with  the  shaft 
opening.  The  use  of  field  telephones  in  military 
operations  is  being  rapidly  developed,  too. 

The  “country  districts”  are  finding  the  telephone 
a  great  boon,  and  as  it  becomes  better  known  are 
taking  it  up  rapidly.  It  has  done  more  than  any 
one  other  thing,  unless  it  be  the  railroads,  steam 
and  trolley,  to  take  the  comforts  and  progress  of 
modern  life  into  the  remote  places.  On  the  great 
farms  of  the  West  it  connects  the  headquarters  at 
the  ranch  house  with  distant  fields  and  ranges  even ; 
and  saves  the  farmer  the  necessity  of  going  to  his 
market  to  dispose  of  his  crop  by  giving  him  direct 


verbal  connection  with  his  customer.  In  the  East, 
where  distances  are  less  magnificent,  it  is  of  equal 
value  in  the  business  intercourse  of  the  farmer  and 
plays  a  prominent  part  in  his  social  relations.  It 
has  proved  of  extreme  value  in  many  an  emergency. 

The  equipment  of  the  long  distance  and  local 
telephone  systems  in  New  England  includes  every 
improvement/  There  in  that  part  of  the  country 
east  of  the  Mississippi  River  375,000  telephone  sub¬ 
scribers,  and  New  England  has  perhaps  a  larger 
proportion  of  them  than  any  other  one  section  when 
its  population  is  considered. 

The  American  Telephone  and  Telegraph  Co. — 

Out  of  the 
invention  of 
Alexander 
Graham  Bell, 
which  was 
made  known 
to  the  world 
a  little  more 
than  twenty- 
six  years  ago, 
has  grown  up 
a  great  in¬ 
dustry  which 
had  its  incep¬ 
tion  in  Bos¬ 
ton,  and  has 
been  control¬ 
led  by  Mass- 
achu  setts 
men  and 
M  a  s  s  a  c  h  u- 
setts  capital 
from  the  be- 
g  i  n  n  i  n  g . 
Through  the 
operations  of 
its  local  com¬ 
panies,  The 
American 

Telephone  and  Telegraph  Co.  represents  a  vast  sys¬ 
tem  of  telephonic  intercommunication  with  nearly  a 
million  subscribers  in  the  United  States.  This 
service  involves  the  use  of  about  two  million  miles 
of  wire,  while  the  number  of  telephones  now  under 
rental  exceeds  two  million.  It  should  be  under¬ 
stood  that  the  word  “telephone”  is  here  used  in 
the  strict  sense,  and  that  the  equipment  furnished 
a  subscriber,  commonly  called  “a  telephone,”  real¬ 
ly  includes  two  telephones,  a  receiver  and  a  trans¬ 
mitter. 

While  the  local  telephone  business  within  the 
limits  of  the  territory  belonging  to  each  local  com¬ 
pany  is  in  its  hands  exclusively,  the  more  extended 


PUBLIC  GARDEN  AND  WASHINGTON  STATUE. 

In  one  of  the  pleasantest  spots  in  the  famous  Public  Gardens  is  Thomas  Ball’s 
e(/uestarian  statue  of  Washington.  It  represents  Washington  at  the  time  of  mid¬ 
dle  life ,  the  countenance  and  attitude  of  the  figure  full  of  force  and  vigor. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


11 


business,  that  commonly  called  “Long  Distance,” 
being  that  portion  which  extends  from  a  point 
within  the  territory  of  one  company  to  a  point 
within  the  territory  of  another,  is  reserved  by  The 
American  Telephone  and  Telegraph  Co.,  and  is 
conducted  as  a  separate  department.  Its  lines  ex¬ 
tend  to  and  connect  all  the  principal  cities  of  the 
United  States  east  of  the  one-hundredth  meridian, 
which  practically  bisects  Texas,  Kansas,  Nebraska 
and  the  Dakotas.  The  company  has  nearly  four 
hundred  offices  in  the  cities  and  towns  within  these 
limits,  but  its  business  comes,  mainly,  directly  from 
the  homes  and  offices  of  the  subscribers  of  the  local 
companies,  the  latter  always  having  facilities  for 
connecting  with  the  “Long  Distance”  lines. 

An  estimate,  based  upon  the  best  information 
obtainable,  places  the  number  of  daily  telephonic 
conversations  in  the  United  States  at  three-quarters 
of  a  million,  and  annual  aggreg-ate  of  nearly  nine¬ 
teen  hundred  million.  And  it  is  an  interesting  fact 
that,  as  time  goes  on,  the  amount  of  use  of  the 
telephone  increases  steadily,- — not  only  because  the 
number  of  subscribers  is  greater,  but  also  because 
the  whole  body  of  subscribers  use  it  more  and  more. 
The  telephone  habit  is  a  growing  one. 

The  American  Telephone  and  Telegraph  Co. 
owns  and  occupies  a  large  nine-story  building,  cov¬ 
ering  the  numbers  117  to  127  Milk  street,  in  this 
city.  In  this  building  are  also  the  general  offices 
of  The  New  England  Telephone  and  Telegraph  Co., 
the  “local”  company  doing  business  throughout 
the  greater  part  of  New  England.  The  upper  story 
contains  the  mammoth  switchboard  of  “main,”  the 
central  office  which  serves  the  chief  business  sec¬ 
tion  of  Boston.  This  switchboard  was  installed  and 
put  into  operation  about  a  month  ago,  its  prede¬ 
cessor  having  been  condemned  as  out  of  date,  be- 
cause  of  the  rapid  advance  in  the  art.  In  the  great 
room  in  which  it  and  other  auxiliary  boards  stand, 
there  are  over  350  employed  operators.  For  over 
twenty  years  the  service  has  been  continuous,  never 
ceasing  nights,  Sundays  or  holidays. 

Throughout  the  country,  in  the  early  days,  learn¬ 
ing  to  become  an  operator  was  a  simple  matter,  but 
with  the  change  in  apparatus,  the  enormous  increase 
in  the  number  of  subscribers,  the  great  diversity  of 
classes  of  service,  and  the  vastly  increased  use,  it 
takes  time  to  become  an  expert.  It  is  a  mistake  to 
suppose  that  the  operators  become  mere  machines. 
There  is  a  great  diversity  of  things  to  be  done,  and 
they  must  be  done  on  the  instant.  That  takes 
brains.  It  is  the  imperative  rule  that  subscribers 
must  be  treated  with  courtesy.  It  is  not  pretended 
that  this  rule  is  never  broken.  There  are  few  rules 
of  which  that  can  be  said.  But  it  is  fair  to  say  that 
if  any  one  will  visit  one  of  these  great  hives  of 


steady  and  exacting  work,  and  see  what  promptness 
and  accuracy  are  necessary,  he  will  be  disposed  to 
be  a  little  lenient,  and  admit  that  some  allowance 
must  be  made  for  human  nature.  And  he  will  gfo 
away  with  the  determination  to  be  courteous,  pa¬ 
tient  and  good-natured  on  his  side,  when  things  tele¬ 
phonic  do  not  go  just  right ;  and  so  help  out,  rather 
than  complicate  the  difficulty, — whatever  it  may  be. 

The  operators  form  but  a  portion  of  the  great  body 
of  employees  that  find  employment  because  of  the 
telephone.  There  is  a  vast  amount  of  outside  work 
in  the  construction  and  maintenance  of  lines  over¬ 
head  and  underground.  There  is,  in  every  city,  a 
large  force  of  inspectors  constantly  employed  in 
looking  after  apparatus  and  keeping  it  in  proper 
condition,  and  a  very  large  office  force  is  required 
in  the  accounting  departments.  Actually  employed 
by  The  American  Telephone  and  Telegraph  Co.  and 
its  allied  companies,  are  about  35,000  persons,  but 
this  is  very  far  from  representing  the  whole  num¬ 
ber  to  whom  the  coming  of  the  telephone  has  given 
work.  There  are  several  large  manufacturing 
establishments  devoted  very  largely  to  the  pro¬ 
duction  of  apparatus  for  the  use  of  the  companies, 
while  a  great  number  of  concerns  all  over  the 
country,  engaged  in  many  lines  of  production,  find 
telephone  companies  among  their  largest  custom¬ 
ers.  Like  many  another  labor-saving  machine,  the 
telephone  has  opened  new  lines  of  industry  and 
has  benefited  others  already  established. 

Che  1 Vew  Bngland  Celephone  and 
Celegraph  Co. 

What  would  this  progressive  age  do  without  the 
telephone — the  means  of  bringing  the  commercial, 
industrial,  and  social  worlds  together?  In  itself,  the 
telephone  stands  for  progress;  it  enables  business 
to  be  carried  on  in  different  parts  of  the  country, 
with  the  same  ease  and  dispatch  as  if  in  one  room, 
with  the  same  satisfaction,  of  personal  call. 

To  grasp  some  idea  of  the  value  of  the  telephone 
service,  think  what  would  be  the  result  if  all  the 
telephones  in  the  country  should  suddenly  be  re¬ 
moved.  Business  would  be  immediately  paralyzed. 
Industries  would  come  to  a  standstill,  and  the  world 
would  practically  stop.  Thus  is  to  be  seen  that  the 
telephone  is  in  reality  the  mouthpiece  of  the  country, 
and  through  its  service  daily  depends  the  govern¬ 
ment  of  millions  of  dollars  of  invested  capital.  The 
ending  of  the  present  century  is  finding  the  tele¬ 
phone  one  of  the  leading  factors  of  progress  and 
civilization,  and  its  use  could  not  be  dispensed  with. 
The  manufacturer,  the  lawyer,  the  doctor,  by  its 
use  are  brought  directly  in  contact  with  their  inter- 


78 


The  Finance  and  Commerce  of  Boston  and  New  England. 


ests,  their  clients  and  patients.  Government  could 
not  be  successfully  carried  on  without  this  means  of 
communication,  as  it  brings  the  heads  of  depart¬ 
ments  into  close  relations  with  subordinates.  Even 
the  household  finds  the  telephone  an  important 
agency. 

The  New  England  Telephone  and  Telegraph  Co. 
is  that  branch  of  the  great  Bell  system  which  man¬ 
ages  and  controls  the  telephone  service  of  New 
England.  The  company’s  headquarters  are  in  the 
magnificent  building  Nos.  1 17-129  Milk  street,  Bos¬ 
ton.  This  company  has  the  absolute  control  of 
what  is  known  as  “local  business,”  which  means 
all  subscribers  in  New  England,  and  has  in  addition 
direct  connections  with  all  principal  points  in  the 
States  east  of  the  Mississippi  River. 

The  tariff  is  based  in  New  England  on  a  three- 
minute  rate,  and  a  three-minute  conversation  will 
comprise  about  300  words.  Night  rates  are  one- 
half  the  day  rate. 

The  demand  for  residence  phones  is  rapidly  in¬ 
creasing.  People  who  have  once  had  a  telephone  in 
their  house  find  it  absolutely  indispensable.  It 
saves  a  vast  deal  of  money,  labor  and  trouble,  and 
is  a  sort  of  insurance  against  worry  and  grave  emer¬ 
gencies.  It  is  the  most  accommodating  kind  of  a 
member  of  the  family,  for  it  will  do  so  much  for  so 
little. 

A  “business  house”  can  hardly  earn  the  title 
without  a  telephone,  for  the  “phone  ”  does  the  “talk¬ 
ing,”  and  usually  the  one  who  does  the  talking  does 
the  business.  A  message  by  “phone”  always 
brings  an  immediate  answer.  The  officers  of  The 
New  England  Telephone  and  Telegraph  Co.  are  as 
follows:  Thomas  Sherwin,  President;  H.  S.  Hyde, 
Vice-President;  W.  R.  Driver,  Treasurer;  G.  W. 
Leedom,  Secretary  and  Auditor;  Jasper  N.  Keller, 
General  Manager  and  William  J.  Denver,  General 
Assistant  Manager. 

Gas  Lighting. 

AN  ENORMOUS  INVESTMENT  AND  GOOD  SERVICE. 

The  lighting  of  a  great  city  is  not  only  a  most 
important  public  service,  but  it  is  a  most  difficult 
one  to  perform  satisfactorily,  and  to  say  that  Boston 
has  cause  for  much  gratulation  is  high  praise  for  its 
gas  companies.  They  perform  their  duties  to 
consumers  as  well  as  the  gas  companies  of  any  of 
the  big  municipalities  and  for  a  much  lower  charge 
than  many  of  them. 

There  are  ten  gas  companies  in  Boston,  four  of 
them  associated  in  each  of  two  groups  or  combina¬ 
tions  and  the  other  two  entirely  independent.  These 
latter  have  territory  which  is  cut  off  from  the  city 
proper  by  the  harbor  and  by  the  Charles  River,  one 


operating  in  East  Boston  exclusively  and  the  other 
only  in  Charlestown.  The  total  capitalization  of  the 
ten  companies,  including  a  certain  amount  in  bonds 
and  coupon  notes  issued  by  one  of  them,  is  $12,- 
529,600. 

With  such  financial  resources  the  gas  companies 
are  in  a  position  to  render  most  efficient  service  at 
reasonable  cost,  and  that  appears  always  to  have 
been  their  endeavor.  Newly  opened  districts  have 
been  promptly  taken  care  of  as  the  city  has  grown, 
and  that  has  been  very  rapidly  at  times.  There  has 
been  no  niggardliness,  but  an  apparent  disposition 
to  deal  fairly  and  even  generously  with  the  con¬ 
sumer  and  with  the  municipality  in  many  regards, 
in  return  for  which  numerous  valuable  privileges 
have  been  bestowed.  The  rivalry  among  the  cor¬ 
porations  has  been  almost  uniformly  of  the  friendly 
kind,  which  has  benefited  them  and  their  patrons 
alike  in  the  end. 

There  has  been  an  enormous  increase,  of  course, 
in  both  the  territory  and  the  population  of  Boston 
since  the  first  of  the  city’s  gas  companies  began 
business  in  1823.  Then  its  area  was  two  or  three 
square  miles,  and  the  number  of  its  people  was  about 
50,000.  The  annexation  of  adjoining  towns  and 
cities  and  the  later  growth  of  the  enlarged  city  have 
produced  a  municipality  which  to-day  covers  thirty- 
eight  and  one-half  square  miles  and  has  a  population 
of  five  hundred  and  sixty-odd  thousands.  Even 
though  the  annexed  districts  had  companies  of  their 
own  which  are  still  in  active  existence,  the  business 
of  furnishing  light  for  growing  Boston  was  a  tre¬ 
mendous  one  and  involved  a  great  many  difficulties 
and  considerable  risks;  but  it  has  kept  pace  in 
efficiency  with  the  heavy  demands  made  upon  it. 

Including  the  semi-rural  fringe  which  hangs  about 
the  edge  of  all  large  cities,  sparsely  populated  and 
not  yet  ready  for  all  of  the  improvements  of  the 
more  built-up  sections,  there  are  upward  of  500 
miles  of  public  highway  in  Boston,  counting  the 
innumerable  little  alleys  and  avenues  in  the  old 
part  of  “  down  town,”  on  which  practically  no  build¬ 
ings  front.  T-hrough  these  streets  and  byways  run 
841  miles  of  gas  mains,  forty-nine  miles  being  in 
Charlestown,  twenty-two  miles  in  East  Boston,  and 
the  remaining  770  miles  covering  the  city  proper 
and  the  southern  and  western  districts.  These 
pipes  supply  the  illuminant  which  is  measured  by 
98,211  metres. 

There  are,  then,  nearly  100,000  customers  of  the 
various  companies,  and  in  the  last  fiscal  year  they 
consumed  the  almost  incomprehensible  total  of  five 
and  a  half  billion — or,  to  be  exact,  $5,417,829,689 — 
cubic  feet  of  gas.  Coal  gas  and  a  mixture  of  coal 
and  water  gases  were  the  commodities  supplied  in 
the  period  to  which  these  figures  refer. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


79 


Many  improve¬ 
ments  in  the  methods 
of  making  and  sup¬ 
plying  gas  and  of 
measuring  and  using 
it  have  been  devel¬ 
oped  since  its  first 
introduction  to  Bos¬ 
ton,  and  the  various 
companies  of  the  city 
have  been  quick  to 
see  their  advantage 
and  to  adopt  them, 
whether  they  were  to 
benefit  the  corpora¬ 
tion  or  the  consumer. 

The  quantity  avail¬ 
able  has  always  been 

abundant,  and  its  quality  has  given  general  satisfac¬ 
tion.  There  has  always  been  a  reserve  supply,  and 
indeed  of  late  years,  extra  plants,  which  could  be 
used  in  an  emergency.  Any  kind  of  disturbance  of 
the  service  has  been  as  quickly  set  right  as  detected 
and  the  promptness  shown  in  all  manner  of  repairs 
has  been  thoroughly  commendable. 

The  work  of  laying  mains  and  putting  in  connect¬ 
ing  pipes  has  been  done  thoroughly  and  carefully 
in  the  beginning,  with  the  result  that,  when  unmo¬ 
lested  by  outer  influences,  it  has  been  remarkably 
permanent.  Boston  has  been  happily  free  from  the 
extensive  tearing  up  of  pavements  and  digging  up 
of  roadbeds,  with  the  consequent  interference  with 
traffic,  which  so  sorely  afflicts  many  large  cities. 
This  is  in  itself  reason  for  no  little  complacency. 

The  mechanism  by  which  the  amount  of  gas  sup¬ 
plied  to  the  individual  consumer  is  measured — the 
metre,  as  it  is  commonly  called — has  been  improved 
in  many  ways  since  its  original  invention,  and  Bos¬ 
ton  gas  users  have  benefited  by  all  of  them.  The 
most  recent  of  them  is  the  automatic  purchasing 
arrangement,  by  which  the  customer  drops  a  coin 
into  the  metre  and  is  forthwith  furnished  the  num¬ 
ber  of  cubic  feet  for  which  the  money  he  deposits 
will  pay.  This  avoids  the  trouble  of  being  obliged 
to  have  the  gas  cut  off  from  premises  which  are  va¬ 
cated  or  are  temporarily  unoccupied  and  the  annoy¬ 
ance  of  having  new  connections  made  and  a  new 
metre  installed  whenever  it  is  desirable  to  have 
the  service  recommenced,  and  has  proved  very 
popular. 

Since  the  use  of  gas  as  fuel  became  general  the 
various  companies  have  been  most  liberal  in  afford¬ 
ing  facilities  for  its  introduction  for  cooking  and 
heating.  The  quality  of  the  supply  has  proved  ex¬ 
cellent  for  these  purposes,  and  its  general  desira¬ 
bility  such  that  there  is  said  to  be  no  other  city  in 


NORTH  END  WORKS.  BOSTON  GAS  LIGHT  CO. 


the  East,  dependent  on  manufactured  gas,  in  which 
so  much  of  the  commodity  is  employed  in  other 
ways  than  illumination. 

The  gas  companies  of  Massachusetts  are  under 
the  supervision  of  a  State  board  which  tests  at  fre¬ 
quent  intervals  the  character  and  lighting  power  of 
the  illuminant  being  supplied  and  examines  the 
metres  in  use  for  their  accuracy  as  occasion  re¬ 
quires.  The  matter  of  piping  and  of  fixtures  is 
also  subject  to  its  constant  inspection.  This  sys¬ 
tem  has  proved  of  mutual  advantage  to  the  consum¬ 
ers  and  the  manufacturers,  who  co-operate  earnest¬ 
ly  in  the  commission’s  work. 

The  Boston  Gas  Light  Co. — The  Boston  Gas¬ 
light  Co.  incorporated  in  1822.  Dr.  John  W. 
Webster,  by  whom  the  first  experiments  had  been 
initiated,  became  the  principal  Manager  of  the  new 
company.  The  first  President  was  Bryant  P.  Tilden, 
and  among  the  stockholders  were  Charles  P.  Curtis, 
John  C.  Gray,  Francis  C.  Gray,  Horace  Gray, 
Patrick  T.  Jackson,  William  Prescott,  Franklin 
Dexter  and  Nathan  Hale.  In  spite  of  the  fore¬ 
thought  and  energy  of  these  gentlemen  the  new 
enterprise  proved  very  successful,  and  some  of  the 
stockholders  gave  away  their  shares,  rather  than 
become  liable  for  further  assessments. 

The  manufacture  was  discontinued;  but  it  was 
soon  resumed  under  the  direction  of  Mr.  Henry 
Robinson,  who  had  already  established  gas  works  in 
Baltimore.  He  came  to  Boston,  in  1827;  and  a 
small  lot  was  bought  for  the  erection  of  new  works. 
Mr.  Robinson  was  chosen  President  and  the  enter¬ 
prise  began  to  prosper.  Since  that  time,  the  com¬ 
pany  has  quietly  pursued  its  own  way.  In  no  other 
Atlantic  city  has  gas  been  sold  lower  than  in  Boston. 
In  1828  when  the  affairs  of  the  company  were  first 
put  on  a  commercial  basis,  the  price  of  gas  was 


8o 


The  Finance  and  Commerce  of  Boston  and  New  England. 


fixed  at  $5.00  per  thousand  feet,  with  an  annual 
meter-rent.  Soon  the  meter-rent  was  abolished, 
and  by  successive  steps  the  price  of  gas  has  been 
reduced  to  $1.00.  The  Boston  Gas  Light  Co.  prob¬ 
ably  possesses  the  best  administrative  force  of  any 
gas  company  in  the  country.  It  has  always  led  in 
applying  modern  appliances  and  the  best  of  modern 
manufacturing  methods  to  the  manufacture  and 
distribution  of  gas,  and  at  the  present  time  no  city 
in  the  country  is  so  well  equipped  in  this  direction 
as  Boston. 


BOSTON  GAS  LIGHT  CO.’S  OFFICE 
BUILDING, 

24  IVest  street ,  Boston. 

Boston,  being  built  largely  on  made  land  with  its 
crooked,  narrow  streets,  presents  many  problems  to 
the  gas  manufacturer.  But  in  spite  of  all  the  dif¬ 
ficulties  The  Boston  Gas  Light  Co.  has  made  a  record 
that  stands  almost  unique  for  furnishing  a  high 
quality  gas  at  a  minimum  of  cost  and  leakage. 

The  company’s  offices  are  at  No.  24  West  street, 
(shown  in  cut)  and  adapted  to  the  use  of  the  com¬ 
pany.  The  company  manufactures  a  large  part  of 


its  gas  at  its  North  End  Works,  covering  seven  acres 
of  land,  where  it  manufactures  a  high  grade  water 
gas,  its  candle-power  being  nearly  twenty-six 
candles,  which  in  quality  and  cheapness  is  the  best. 

Boston  has  reason  to  be  proud  of  the  fact  that  one 
of  its  most  successful  corporations  is  also  one  of  its 
most  progressive  and  has  been  among  the  first  in 
the  country  to  adopt  the  most  improved  modern 
methods.  The  Boston  Gas  Light  Co.  to-day  stands 
as  perhaps  the  most  representative  of  solid  Boston 
institutions,  old  in  years,  conservative  in  methods, 
and  always  among  the  first  to  adopt  and  adapt 
modern  improvements. 

That  the  sales  of  gas  are  constantly  increasing  is 
shown  by  the  following: 


i899 

1,066,948,430 

cubic  feet. 

1900 

1,097,648,750 

(  i 

i  6 

1901 

r, 1 36, 2 IO,  980 

i  i 

i  i 

Brookline  Gas  Light  Co. — It  wason  February  19, 
1853  almost  half  a  century  ago,  that  a  charter  was 
granted  to  the  Brookline  Gas  Light  Co.  At  that 
time  gas  was  a  novelty,  and  it  was  a  number  of  years 
before  the  manufacture  of  gas  by  this  company  was 
met  by  a  large  demand.  The  company  has  now  a 
capital  stock  of  $2,000,000  and  assets  that  were 
quoted  in  1899  as  amounting  to$q, 627, 907.  Its  sales 
for  the  same  year  were  690,110,000  million  feet  of 
gas.  This  company  sells  gas  in  all  parts  of  Boston 
and  Brookline,  Mass.,  although  until  1893,  its  field 
was  confined  to  Brookline  and  that  part  of  Boston 
known  as  Brighton. 

The  development  of  electricity  demonstrated  to 
the  managers  of  the  Brookline  Gas  Light  Co.  that, 
in  the  sparsely  settled  communities  like  Brighton 
and  Brookline,  there  would  be  greater  economy  in 
the  use  of  electricity  for  illuminating  purposes  than 
in  the  use  of  gas.  As  a  business  policy,  therefore, 
this  company  extended  its  plant  and  proceeded  to 
manufacture  electricity  for  these  communities,  and 
now  sells  electric  current  in  all  parts  of  Brookline 
and  Brighton.  Its  electric  plants  are  valued  at  about 
$113,000  and  its  electric  lines  are  valued  at  about 
$162,000. 

In  1893,  the  Brookline  Gas  Light  Co.  had  a  capi¬ 
tal  stock  of  $500,000,  total  assets  of  $1,111,985.36, 
total  liabilities  of  $1,068,116.67,  showing  a  surplus 
of  $43,868.69,  and  it  was  selling  about  66,000,000  feet 
of  gas.  In  less  than  ten  years  its  assets  have  been 
more  than  quadrupled,  and  its  sales  increased  more 
than  ten-fold.  There  was  a  reason  for  the  great 
advance  outside  of  the  ordinary  growth  of  business. 
Owing  to  a  contest  between  the  Standard  Oil  inter¬ 
ests  of  New  York,  and  Mr.  Addicks,  the  controlling 
spirit  of  the  Bay  State  Co.,  the  Standard  Oil  party 
bought  the  controlling  interest  of  the  Brookline  Co. 
and  entered  into  the  Boston  field. 


The  Finance  and  Commerce  of  Boston  and  New  England 


81 


This  action  was  the  beginning-  of  a  spirited  com¬ 
petition  which  continued  from  1893  to  1896.  On 
May  2,  1896  a  contract  was  made  between  the  Bos¬ 
ton  Gas  Light  Co.  and  the  Brookline  Gas  Light  Co. 
This  contract  had  the  effect  of  putting  an  end  to 
the  struggle  for  possession  of  the  Boston  field.  The 
Brookline  Gas  Light  Co.  by  the  force  of  new  capital 
and  by  the  enterprise  and  financial  ability  of  such  a 
man  as  Henry  M.  Whitney,  had  developed  in  a  few 
years  to  one  of  the  controlling  factors  in  the  gas 
situation  of  the  great  City  of  Boston. 

The  officers  and  directors  of  the  Brookline  Gas 
Light  Co.  are:  Directors,  Henry  M.  Whitney,  of 
Brookline,  President;  Wm.  L.  Elkins,  Jr.,  of  Phila¬ 
delphia;  George  H.  Finn  of  Brookline;  Vice-Presi¬ 
dent,  R.  W.  Lord  of  Boston;  F.  Tudor,  Jr.,  of 
Brookline,  Treasurer  and  General  Manager. 

The  head  office  of  this  company  is  at  24  West 
street,  Boston,  Mass.  Its  works  are  located  in  Brook¬ 
line  and  Allston,  Mass. 

Z.bc  Supply  of  Xcc. 

WHOLESOME,  PLENTIFUL  AND  ECONOMICAL— A 
PUBLIC  NECESSITY  CAREFULLY  MET. 

In  a  climate  of  sudden  changes,  involving  in  the 
summer  months  periods  of  considerable  heat,  ac¬ 
companied  by  extreme  humidity,  the  public  health 
and  comfort  are  not  a  little  dependent  on  a  whole¬ 
some  and  plentiful  supply  of  ice,  and  in  this  respect 
Boston  is  well  looked  after.  Not  infrequently  in 
so  large  a  city  sickness  has  been  found  directly 
traceable  to  the  ice  distributed  among  its  people, 
but  Boston  has  never  been  troubled  in  such  a  way, 
a  fortunate  condition,  doubtless  arising  directly  from 
the  extreme  care  with  which  the  sources  of  supply  are 
constantly  guarded  from  pollution  and  the  judgment 
used  in  cutting,  shipping  and  handling  the  com¬ 
modity  itself. 

Boston’s  ice  comes  very  largely  from  waters 
owned  outright  by  the  companies  with  which  the 
consumer  has  his  dealings.  Thus  the  “crop”  can 


be  carefully  watched  and  kept  in  condition  to  de¬ 
velop  the  best  quality,  and  the  “harvesting”  and 
distribution  are  accomplished  at  the  least  practicable 
expense.  It  is  noteworthy  in  this  connection  that 
the  consumer  derives  his  due  benefit  from  all  of 
these  things,  obtaining  excellent  ice  at  a  very  reason¬ 
able  cost. 

The  ice  which  is  furnished  to  Bostonians  is  pri¬ 
marily  a  product  of  the  pure  springs  and  swift  run¬ 
ning  streams  which  feed  New  England’s  ponds  and 
lakes.  Much  of  it  is  cut  in  Massachusetts  and  much 
more  in  New  Hampshire  and  Maine. 

The  Boston  Ice  Co. — It  was  in  May,  1866,  almost 
thirty-six  years  ago,  that  The  Boston  Ice  Co.  was 
established  for  the  purpose  of  conducting  a  whole¬ 
sale  and  retail  ice  business  in  Boston,  and  in  the 
neighboring  cities  and  towns.  Previous  to  that 
time,  the  ice  business  had  been  carried  on  in  a 
somewhat  primitive  fashion,  without  organization, 
and  lacking  the  economical  advantage  of  large 
operations.  With  the  establishment  of  The  Boston 
Ice  Co.  there  began  a  change  in  the  ice  business,  and 
it  is  this  company  which,  by  the  adoption  of  sys¬ 
tematic  methods,  and  through  the  courage  to  under¬ 
taking  large  operations,  it  has  developed  the  pres¬ 
ent  perfection  of  the  ice-trade,  and  thus  made 
itself  and  its  product  a  necessity  to  the  public. 

The  business  of  this  company  has  grown  to  the 
extent  that  about  seven  hundred  employees  are  re¬ 
quired  to  meet  the  demand  of  its  customers.  The 
main  office  of  The  Boston  Ice  Co.  is  situated  at  No. 
66  State  street,  Boston,  Mass.  Its  branch  offices 
are  in  Charlestown,  South  Boston,  Roxbury,  Brook¬ 
line,  East  Boston,  East  Cambridge,  Chelsea  and 
Winthrop. 

The  Board  of  Directors  of  The  Boston  Ice  Co.  is 
constituted  as  follows :  Reuben  W.  Hopkins,  Presi¬ 
dent;  Frank  J.  Bartlett,  Treasurer;  Horace  O. 
Bright,  Nelson  Bartlett,  William  G.  Peck,  James 
H.  Reed,  Nathan  B.  Prescott,  Nathan  G.  Smith, 
Joseph  N.  Palmer,  Charles  Russell  and  Jeremiah 
Flanders.  The  company  is  capitalized  at  $500,000. 


Che  Glectric  Car  Systems  of  Boston  and  JVew 
Gngland — Great  Changes  in  Cranspor- 
tation  ^drought  by  electricity 
and  Motive  force. 

REMOTE  AND  ISOLATED  VILLAGES  BROUGHT  INTO  PROMINENCE  AND  IMMED¬ 
IATE  RELATIONS  WITH  THE  LARGE  CITIES— THE  BENEFIT  OF  THE 
RAPID  TRANSIT  TO  THE  MERCHANT— BOSTON'S  MAG¬ 
NIFICENT  ELEVATED  ROAD  SYSTEM. 


& 


jl^yV^LECTRIC  street  railway  lines  have  wrought 
I  -  I  2  great  social  and  industrial  changes  in  both 
rural  and  urban  life  in  New  England. 

-  Heretofore  remote  and  isolated  villages 
and  towns  have  been  brought  into  immed¬ 
iate  relations  with  the  larger  cities ;  real  estate  in 
suburban  localities  has  been  vastly  increased  in 
value,  to  the  advantage  of  the  rural  property  owner, 
and  the  retail  trade  in  the  larger  cities,  particularly 
Boston,  has  received  a  great  impetus. 

The  merchants  of  to-day  have  learned  to  count 
upon  a  great  share  of  their  trade  coming  in  from 
the  country  by  means  of  the  trolley,  and  as  a  result 
the  department  stores,  city  grocers  and  other  mer¬ 
chants  have  been  enabled  to  so  increase  their  selling 
capacity  that  prices  have  been  lowered  and  mutual 
benefits  have  therefore  been  reaped  by  all.  Elec¬ 
tric  transportation  systems  in  Boston,  and  all  over 
Massachusetts,  have  been  brought  to  a  high  state  of 
perfection,  travel  thereby  is  cheap,  and  it  is  now 
only  a  matter  of  a  few  minutes’  ride  for  the  suburb¬ 
anite  to  reach  the  city  or  the  merchant  to  arrive  at 
his  country  home.  The  trolley  has  benefited  rich 
and  poor  alike  as  scarcely  any  other  modern  inven¬ 
tion  has  done. 

6levated  Roads. 

BOSTON’S  PIONEER  LINES  AN  UNQUALIFIED 

SUCCESS. 

Half  a  century  ago  Bostonians  and  their  subur¬ 
ban  neighbors  had  only  omnibuses  to  accommo¬ 
date  the  street  passenger  business;  to-day  they 
have  the  nearest  practical  approach  to  a  line 
of  airships,  the  Elevated  Railroad,  Then  their 


way  was  illuminated  by  the  faint  rays  of  splut¬ 
tering  candles,  and  warmed  with  damp  straw ;  now 
the  handsome  cars  are  bright  with  electric  lights 
and  warmed  by  electric  heaters.  Then  it  cost  from 
fifteen  to  twenty-five  cents  to  journey  three  or  four 
miles;  now  a  fifteen-mile  ride  is  given  for  five  cents, 
and  three  pennies  more  will  extent  the  trip  half  as 
far  again. 

In  its  progress  during  the  last  fifty  years  Boston 
has  forged  ahead  faster  in  the  matter  of  street 
transportation  than  in  any  other  one  thing.  The 
first  horse  car  in  Boston  was  run  on  the  Cambridge 
line  in  1856,  and  thirty-four  years  later  the  first 
trolley  car — one  of  the  first  in  the  country  it  was, 
too — appeared.  The  Subway  was  opened  in  1897 
and  1898,  and  the  first  regular  train  on  which  the 
public  could  ride  passed  over  the  Elevated  Road 
last  year.  As  were  the  other  methods  of  transpor¬ 
tation  in  their  time  the  Elevated  is  the  most  solidly 
built  and  perfectly  equipped  institution  of  its  kind 
in  the  world. 

The  construction  of  the  Boston  Elevated  Railway 
was  authorized  by  the  Legislature  in  1894,  but  the 
act  provided  that  it  must  be  built  on  the  plan  known 
as  the  Meigs  system  or  according  to  some  other  plan 
approved  by  the  Railroad  Commissioners,  except 
that  it  must  not  be  like  the  system  used  in  New 
York.  The  construction  of  the  Subway  intervened 
before  anything  further  was  done  about  the  Ele¬ 
vated  Road.  In  1896  the  Meigs  charter  was  bought 
by  interests  which  had  the  use  of  the  Subway  at 
their  disposal,  and  the  following  year  the  Great  and 
General  Court  so  amended  and  added  to  the  original 
act  that  the  restrictions  on  the  plan  of  construction 
c>f  an  elevated  road  were  removed,  except  that  no 


The  Finance  and  Commerce  of  Boston  and  New  England. 


«3 


system  could  be  adopted  which  did  not  have  the 
approval  of  the  Railroad  Commissioners,  of  course. 
Locations  for  tracks  and  stations  were  granted  and 
the  use  of  the  Subway  for  operating  elevated  trains 
legalized. 

Using  the  Subway  for  passage  through  the  con¬ 
gested  parts  of  the  city,  where  the  streets  are 
sometimes  narrow  and  not  always  straight  was  a 
very  great  advantage  in  many  ways  and  the  public 
has  much  reason  to  be  grateful  for,  as  well  as  to 
admire,  the  whole  scheme  of  the  Elevated  Road  as 
it  was  finally  adopted  and  is  now  in  practical,  daily 
use.  A  speed  which  would  be  unattainable  by  any 
other  device,  absolute  safety,  a  degree  of  conven¬ 
ience  and  perfection  of  service  which  is  to  be  found 
in  no  other  city  in  the  United  States,  and  the  least 
possible  obstruction 
and  disfigurement 
of  the  streets,  are 
only  its  most  notic- 
able  good  features. 

The  fact  that  Bos¬ 
ton’s  transit  facili¬ 
ties  have  always 
kept  pace  with  the 
most  enterprising 
progress  and  have 
often  pointed  the 
way  to  other  munic¬ 
ipalities,  promises 
that  the  future  will 
offer  only  improve¬ 
ment,  extension  and 
liberality. 

The  method  of 
construction  of  the 
elevated  railway 
was  decided  upon 
only  after  the  most 
careful  investiga¬ 
tion,  followed  by  constant  tests  while  the  work 
was  going  on.  It  embodies  the  very  best  that 
engineering  and  railroad  experience,  added  to  the 
lessons  taught  by  years  of  handling  street  passen¬ 
ger  traffic  under  the  somewhat  peculiar  and  trying 
conditions  which  obtain  in  Boston,  could  devise.  It 
includes  a  loop  at  either  end  of  the  line,  so  that 
trains  may  be  kept  in  constant  motion  without  the 
necessity  of  complicated  switching  to  start  them 
back  from  the  termini  at  the  completion  of  the  trip, 
a  dip  down  into  the  Subway  at  its  northern  and 
southern  entrances  and  the  crossing  of  a  river  on  a 
two-story  drawbridge,  the  lower  part  of  which  ac¬ 
commodates  the  surface  cars  and  the  regular  street 
traffic  of  teams  and  pedestrians.  Indeed,  the  first 
real  work  on  the  Elevated  was  done  when  founda¬ 


tions  for  its  trestle  work  were  put  into  the  draw, 
which  was  built  two  or  three  years  before  the 
railway. 

The  Elevated  structure  is  of  steel,  put  together 
in  the  sort  of  lattice  design  known  as  open  web, 
and  painted  a  light  green.  Steel  posts,  resting  on 
iron  bases  which  are  set  in  concrete  foundations 
sunk  ten  feet  below  the  street  surface,  support  it, 
and  near  the  water  front  piles  were  driven  first  of 
all  to  give  the  foundations  added  firmness.  Thus 
it  avoids  ugliness,  and  is  perfectly  stable.  Every 
part  of  the  work  was  severely  tested  from  time  to 
time  and  will  bear  at  least  five  times  the  strain  that 
will  ever  be  put  upon  it.  On  its  lengthwise  girders 
are  laid  the  cross-ties,  to  which  the  rails  are 
spiked,  guarded  on  both  sides  by  large  timbers 

and  on  sharp  curves 
by  steel  guard-rails. 
F or  nearly  its  whole 
length  the  Elevated 
runs  above  lines  of 
trolley  cars,  the 
power  wires  for 
which  are  attached 
to  the  underside  of 
the  structure.  The 
motive  power  is 
electricity,  which  is 
supplied  by  a  third 
rail  placed  at  one 
side  of  the  tracks 
and  carefully  insu¬ 
lated. 

The  cars  used  on 
the  Elevated  Road 
are  much  like  those 
used  on  steam  rail¬ 
roads,  except  that 
they  are  smaller  and 
each  is  equipped 
with  motors,  a  controller  and  air-brake  mechanism. 
While  they  are  commonly  run  in  trains  of  two,  three 
or  four  cars,  they  can  be  operated  independently  if  it 
is  desirable.  As  a  matter  of  fact,  each  car  is  pro¬ 
pelled  by  its  own  motor,  the  power  being  all  con¬ 
trolled  from  the  front  end  of  the  first  car.  In  that 
way  the  strain  and  load  are  divided,  and  in  case  the 
machinery  of  an  individual  car  should  give  out 
temporarilv  the  others  could  easily  share  its  burden 
and  carry  it  along  “dead.”  The  seats  run  along 
the  sides  of  the  cars,  as  in  the  ordinary  street  car, 
and  are  cane-covered  as  a  sanitary  measure.  There 
are  doors  at  the  ends  and  on  both  sides  to  make  the 
transfer  of  passengers  easy  at  the  busier  stations 
and  during  the  rush  hours. 


NEW  RIDING  CLUB. 


This  organisation  is  devoted  to  good  horsemanship.  The  house  is  well 
placed  within  a  few  paces  of  the  Fens ,  which  is  a  favorite  exercising 
ground  for  riders.  It  has  all  the  conveniences  of  a  first-class  riding 
school  and  its  arena  is  163  x  100 peet. 

Its  membership  is  limited  to  175. 


84 


The  Finance  and  Commerce  of  Boston  and  New  England . 


The  Boston  Elevated  Railroad. — Probably  no 
enterprise  within  the  last  generation  has  so  inter¬ 
ested  the  vast  population  whose  homes  are  within  a 
radius  of  ten  miles  of  Boston,  as  the  construction  of 
the  L  road.  Nearly  ten  years  before  the  starting 
of  the  present  system  there  were  suggested  many 
plans  by  which  the  people  of  Boston  and  vicinity 
could  obtain  the  boon  of  rapid  transit.  Among  them 
the  question  of  an  L  road  came  in  for  general  con¬ 
sideration.  In  almost  every  case  there  was  objec¬ 
tion  raised  to  the  construction  of  the  road  by  those 
who  held  charters  permitting  it;  to  the  minds  of 
the  general  public  there  appeared  to  be  an  open 
question  that  there  were  not  enough  substantial 
men  behind  the  scheme  to  create  the  impression 
that  the  traveling  public  would  be  best  served. 
When,  however,  the  Boston  Elevated  Railway  offic- 
ials  took  up  the  matter  and  took  steps  toward  the 
formation  of  a  company  to  construct  an  L  road,  the 
character  of  the  men  behind  it  gave  the  public  con¬ 
fidence.  The  charter  of  the  old  Meigs  Co. 
was  purchased,  and  suitable  amendments  secured. 
The  West  End  system  was  leased,  and  and  an  ele¬ 
vated  road  became  an  assured  fact. 

Of  the  building  of  the  road  much  could  be  said; 
its  start  and  completion  are  well  known ;  but  the 
one  most  familiar  with  the  active  preliminary  oper¬ 
ations,  the  Chief  Engineer,  George  A.  Kimball, 
tells  a  story  that  is  decidedly  interesting.  Writing 
of  the  system  with  which  he  has  been  connected 
from  start  to  finish,  Mr.  Kimball  said  in  the  New 
England  Magazine  for  July  last,  “the  original,  or 
Meigs,  charter,  of  1894  authorized  the  construction 
of  an  elevated  railroad  through  the  congested  part 
of  the  city,  through  some  of  the  principal  streets, 
many  of  which  are  narrow  and  bounded  on  either 
side  by  valuable  real  estate.  To  make  use  of  the 
subway  for  passing  trains  through  the  congested 
portion  of  the  city  would  avoid  the  erection  of  an 
elevated  structure  in  these  crowded  and  busy  streets, 
and,  with  this  in  view,  a  system  of  elevated  roads 
was  laid  out  and  completed  from  Dudley  street, 
northerly  through  the  subway,  to  Sullivan  Square, 
Charlestown,  except  a  loop  on  the  easterly  side  of  the 
city  via  Atlantic  avenue,  passing  the  South  Ter¬ 
minal  Station,  and  along  the  water  front  by  the 
ferries  and  steamboat  lines.  The  distance  from 
Dudley  street  to  Sullivan  Square  is  4.9  miles  via 
the  subway,  and  5.4  miles  via  Atlantic  avenue. 
There  are  in  all  eighteen  stations,  of  which  twelve 
are  on  the  elevated  portion  and  six  in  the  subway. 
The  average  distance  between  stations  on  the  ele¬ 
vated  is  six-tenths  of  a  mile,  and  in  the  subway, 
one-fourth  of  a  mile.  In  making  the  return  trip 
from  either  terminal,  the  trains  run  around  a  short 


loop,  thereby  saving  the  time  and  inconvenience  of 
reversing  the  trains. 

“The  elevated  structure  is  built  of  steel,  and  the 
design  for  the  most  part  is  what  is  known  as  the 
open  web  or  lattice  girder.  It  is  supported  on  steel 
posts,  most  of  which  are  fifteen  inches  square.  In 
the  narrow  streets  the  structure  spans  the  roadway 
with  the  posts  on  the  edge  of  the  sidewalk,  while  in 
the  wide  streets  the  posts  are  set  in  the  roadway  on 
either  side  of  the  surface  tracks.  The  foundations  for 
the  posts  are  of  concrete  made  of  broken  stone,  sand 
and  cement  mixed  in  the  proportion  of  six,  two  and 
one.  The  foundations  begin  about  ten  feet  below 
the  surface  and  average  about  nine  feet  square  at 
the  base,  gradually  diminishing  in  size  to  the  cast 
iron  bases  on  which  rest  the  steel  posts  supporting 
the  structure,  which  are  firmly  anchored  to  the 
foundation  by  long  steel  bolts  imbedded  in  the 
concrete.  Near  the  water  front  most  of  the  con¬ 
crete  foundations  rest  on  piles  which  are  driven  in¬ 
to  the  ground  for  a  distance  of  twenty  to  fifty  feet. 
Some  of  the  foundations  were  very  expensive, 
owing  to  the  soft  material  in  which  they  were 
constructed  and  also  on  account  of  the  larger 
number  of  underground  structures  which  were 
encountered,  manv  of  which  it  was  necessarv  to 
change. 

“The  first  work  of  construction  in  a  small  way 
was  the  building  of  the  foundations  for  the  posts  in 
connection  with  the  new  Charlestown  bridge  over 
the  Charles  River,  in  1898.  The  first  active  work 
of  constructing  the  foundations  for  the  elevated 
structure  in  the  streets  was  begun  near  Dudley 
street,  Roxbury,  on  January  23,  1899;  the  honor  of 
removing  the  first  shovelful  of  earth  was  given  to 
little  William  Gaston,  then  two  years  of  age,  the 
son  of  the  then  President  of  the  Boston  Elevated 
Railway  Company,  and  grandson  of  the  late  Gov¬ 
ernor  Gaston.  The  first  steel  structure  was  erected 
on  Charlestown  bridge  on  March  30,  1899,  and  com¬ 
pleted  on  that  portion  of  the  line  near  Guild  street 
on  May  31,  1901. 

“  The  steel  structure  runs  for  nearly  the  whole 
distance  over  a  line  of  trolley  cars.  By  reason  of 
the  large  amount  of  travel  in  the  city  streets  and 
the  danger  which  would  be  incurred  in  working 
over  live  wires,  the  erection  was  carried  on  at 
night,  the  surface  cars  were  transferred  to  other 
routes,  and  the  wires  removed.  The  posts  and 
girders  were  completely  assembled  and  riveted  at 
the  bridge  shops,  delivered  in  Boston  on  the  steam 
cars  and  hauled  to  the  site  on  large  trucks.  A 
traveler  or  derrick  was  erected  on  the  completed 
parts  by  which  the  posts,  girders  and  other  members 
of  the  framework  were  hoisted  from  the  street  to 
their  proper  positions.  On  the  straight  portion  of 


The  Finance  and  Commerce  of  Boston  and  New  England. 


85 


the  line  the  work  was  carried  on  with  great  rapid¬ 
ity;  in  one  instance  twelve  spans  or  643  feet  were 
put  up  in  a  single  night. 

“  The  elevated  cars  are  much  like  those  used  on 
steam  railroads  but  smaller,  and  the  general  dimen¬ 
sions  are  practically  the  same  as  those  of  the  cars 
now  in  use  on  the  New  York  elevated.  On  one 
truck  of  each  car  are  installed  two  electric  motors, 
each  with  a  nominal  capacity  of  150  horse-power. 
The  current  for  these  is  taken  from  the  third  or 
conductor  rail  through  the  contact  shoe  which  slides 
along  it.  The  third  rail  is  connected  at  different 
points  along  the  line  with  the  electric  feeder  system, 
which  in  turn  is  conneted  with  the  power  house. 
The  third  rail  is  laid  just  outside  of  the  two  running 
rails  and  rests  on  insulated  supports  which  stand  on 
top  of  the  ties  and  is  about  five  inches  higher  than 
the  running  rails.  The  insulated  supports  are  so 
constructed  as  to  prevent  the  electric  current  from 
reaching  the  structure. 

“  The  entire  road  is  provided  with  an  electric- 
pneumatic  system  of  block  signals,  by  which  a  train 
will  not  be  allowed  to  pass  into  any  section  until 
its  predecessor  has  passed  out  of  it.  This  feature 
of  the  system  is  similar  to  that  in  use  on  steam 
railroads,  but  in  addition  to  the  general  custom, 
provision  is  made  so  that  in  case  if  any  reason 
the  motorman  should  run  by  a  signal  set  at  danger, 
an  arm  which  at  such  times  projects  above  the  track 
engages  a  valve  in  the  brake  system,  applies  the 
brake  and  automatically  stops  the  train. 

“  There  is  to  some  extent  a  popular  feeling  that 
an  elevated  railroad  is  not  as  safe  as  one  that  runs 
on  the  surface,  but  the  figures  show  that  the  con¬ 
trary  is  true. 

“  The  construction  of  the  Boston  Elevated  Rail¬ 
way  has  been  carried  out  on  a  very  broad  and  liberal 
basis,  particularly  in  regard  to  safety.  The  founda¬ 
tions  were  designed  and  built  to  carry  at  least  five 
times  the  weight  which  will  probably  ever  be 
placed  upon  them.  The  supporting  piles  were  tried 
by  heavy  loads  to  at  least  four  times  the  amount 
which  they  will  be  called  upon  to  carry,  while  the 
concrete  was  tested  by  the  United  States  Govern¬ 
ment  at  the  Watertown  Arsenal,  and  found  to  be 
up  to  six  times  its  load.  The  specifications  for  the 
steel  work  were  very  rigid,  requiring  that  samples 
be  taken  from  each  melt  of  steel  and  broken  in  a 
testing  machine,  and  if  forind  unable  to  resist  a 
certairf  strain  without  break  they  were  rejected. 

“  The  Boston  Elevated  Railway  consists  of  about 
seven  miles  of  elevated  structure  equipped  with 
third  rail,  and  370  miles  of  surface  tracks  equipped 
with  overhead  trolley.  The  tracks  are  laid  in  twelve 
municipalities,  and  the  road  serves  a  population  of 
about  1,000,000  people;  it  carried  201, 124,710  passen¬ 


gers  during  the  year  ending  September  30,  1900. 
The  surface  lines  are  equipped  with  1,538  box  elec¬ 
tric  cars,  and  1,442  open  electric  cars;  and  the  ele¬ 
vated  lines  with  100  box  cars.  The  elevated  division 
is  designed  as  the  express  system,  the  surface  lines 
acting  as  feeders.” 

Every  safety  appliance  known  to  the  railroad 
business  is  employed  on  the  Elevated,  and  several 
which  it  uses  are  quite  new.  The  entire  system  is 
provided  with  electro-pneumatic  block  signals,  and 
as  an  additional  protection  there  is  a  device  at 
every  signal  post  which  would,  if  the  motorman 
should  for  any  reason  fail  to  stop  when  danger  was 
indicated,  catch  an  arm  projecting  from  the  air¬ 
brake  mechanism  and  bring  a  train  to  a  stop  auto¬ 
matically.  There  is  also  attached  to  each  controller 
an  arrangement  which  would  instantly  shut  off  the 
power  if  the  motorman  should  become  disabled  and 
let  the  handle  go.  The  cars  are  partially  vestibuled 
and  are  enclosed  at  the  openings  by  iron  gates,  to 
keep  the  heedless  from  falling  from  platforms  or 
between  cars.  Motormen  are  carefully  trained  at 
the  company’s  school  before  they  are  allowed  to 

take  cars  out,  and  there  are  men  on  the  platforms 

* 

of  the  various  stations  to  watch  over  the  safety 
of  people  entering  or  leaving  trains.  In  general, 
experience  has  shown,  here  and  in  other  cities, 
that  there  is  no  safer  mode  of  travel  than  an  Ele¬ 
vated  Railway. 

By  a  system  of  transfers  to  the  surface  cars  it 
is  possible  to  get  to  any  point  in  Boston  or  its 
suburbs  quickly,  comfortably  and  economically  by 
the  Elevated.  The  latter  is  intended  for  express 
service  with  the  trolley  cars  as  feeders.  At  pres¬ 
ent  two  divisions  of  the  Elevated  are  in  opera¬ 
tion — one  from  Sullivan  Square,  Charlestown,  to 
Dudley  street,  Roxbury,  which  runs  through  the 
Subway  and  dp  Washington  street;  the  other  a 
circuit  line  on  which  trains  are  started  from  Sul¬ 
livan  Square  and  sent  through  the  Subway,  then 
turned  across  the  city  to  Atlantic  avenue,  by  which 
they  skirt  the  water  front  with  its  ferries  and  pass 
all  of  the  steam  road  stations,  and  so  brought  back 
to  Sullivan  Square.  The  Roxbury  route  is  not 
quite  five  miles  long  and  the  other  is  about  five  and 
one-half  miles  in  length.  There  are  eighteen  sta¬ 
tions  in  all,  one-third  of  them  being  in  the  Subway. 
Those  on  the  Elevated  are  architecturally  neat,  easily 
reached  from  the  sidewalk  and  conveniently  located. 

The  satisfactory  working  of  such  a  system  of 
rapid  transit  as  the  Elevated  Railway  demands  that 
passengers  shall  be  handled  quickly,  and  perhaps 
no  feature  of  the  Boston  road  has  more  impressed 
the  public  than  the  manner  in  which  this  has  been 
managed.  Civility  and  gentleness  have  been  char¬ 
acteristics  of  the  methods  used  and  stood  out  most 


86 


The  Finance  and  Commerce  of  Boston  and  New  England. 


strikingly  in  the  earlier  days  when  the  whole  ex¬ 
perience  was  an  unaccustomed  one  to  travelers  and 
employees  alike. 

Street  Railways. 

THE  REVOLUTIONS  IN  LOCAL  TRANSPORTATION. 

When  the  first  click  of  the  telegraph  instruments 
drew  continents  together  an  event  occurred  of  great 
importance  to  the  world,  but  it  was  no  more  signifi¬ 
cant  than  the  first  trip  of  an  electric  car.  Elec¬ 
tricity  is  the  power  that  annihilates  distance  and 
makes  the  world  grow  small,  and  while  the  trolley 
cars  have  not  yet  scudded  under  the  ocean  and 
thus  linked  continents  together,  they  have  been  an 
all  important  factor  in  drawing  together  the 
villages,  towns  and  cities  of  the  country,  and  have 
entirely  revolutionized  both  country  and  city  life. 
We  have  become  so  accustomed  to  the  trolley  cars 
to-day,  along  with  other  marvelous  improvements, 
that  unthinking  ones  hardly  realize  the  changes 
that  have  been  wrought  in  methods  of  travel  by  the 
introduction  of  the  electric  system,  and  yet  it  was 
only  thirteen  years  ago  that  cars  were  pulled  through 
the  streets  of  Boston  by  horses,  the  first  line  having 
been  equipped  for  electric  power  in  1899.  How 
odd  it  would  seem  to  see  a  car  pass  down  Washing¬ 
ton  street  drawn  by  a  pair  of  jogging  horses!  It  is 
probable  that  this  sight  will  never  be  met  again. 
The  records  show  that  in  1891,  two  years  after  the 
first  electric  car  started  there  were  10,640  horses 
employed  on  street  cars  in  the  State  of  Massachu¬ 
setts.  Every  year  the  number  employed  became 
less  until  in  1900  only  455  horses  were  in  use  on 
street  cars  in  the  whole  State. 

Massachusetts  was  among  the  first  to  boast  of  elec¬ 
tric  car  lines,  atid  since  the  very  first  the  progress  in 
constructing  lines  has  been  remarkable,  until  to-day 
the  State  is  covered  with  an  electric  system  which 
connects  cities  and  towns  like  a  gigantic  spiders’ 
web.  This  is  particularly  true  of  the  eastern  part 
of  the  State,  though  Western  Massachusetts  has 
several  systems  which  are  not  surpassed  anywhere 
in  the  world.  To-day  there  is  no  county  in  the 
State  which  is  not  cut  through  by  several  trolley 
lines.  Every  year  sees  the  completion  of  new  lines, 
and  before  another  decade  has  passed  away  it  is 
probable  that  the  most  isolated  districts  will  have 
been  reached  in  some  direction  by  the  trolley. 

The  effect  of  all  this  has  been  entirely  to  revolu¬ 
tionize  New  England  life.  Villages  and  towns  that 
were  formerly  difficult  of  access,  and,  although  but 
a  few  miles  distant  from  Boston,  were  practicallv 
isolated,  are  now  brought  into  close  touch  with  the 
throbbing  life  of  a  great  city,  through  being  con¬ 
nected  by  a  trolley  line.  There  is  not  a  city  nor  a 


town  of  importance  within  twenty-five  miles  of 
Boston  which  is  not  now  connected  with  the 
greater  city  by  means  of  the  trolley.  The  changes 
wrought  and  the  benefits  derived  have  been  shared 
alike  by  Boston  and  the  smaller  cities  and  towns. 
The  facility  by  which  the  rural  and  suburban  popu¬ 
lation  is  now  brought  to  the  larger  centres  to  pur¬ 
chase  their  goods  has  stimulated  and  increased  trade 
and  the  merchants  have  thus  derived  great  advan¬ 
tages.  On  the  other  hand,  the  trolley  has  infused 
Pew  life  into  the  dwellers  in  country  towns.  Wher¬ 
ever  the  trolley  goes  property  is  increased  in  value. 

Some  idea  of  the  extent  to  which  the  trolley  sys¬ 
tems  in  the  State  have  grown  may  be  gained  by 
consulting  the  last  reports.  The  Massachusetts 
street  railway  companies  now  own  1,662  miles  of 
street  railway  line,  251  miles  of  second  main  track, 
and  124  miles  of  side  track,  making  a  total  length 
of  track  owned  2,037  miles.  The  increase  over  the 
previous  year  was  192  miles.  Back  in  i860  there 
were  twenty  companies  in  the  State  with  a  total 
length  of  main  track  of  eighty-eight  miles;  in  1889, 
when  the  lines  were  first  equipped  for  electric 
power,  there  were  forty-six  companies  and  574 
miles  of  main  track.  Ten  years  ago  the  number  of 
companies  had  increased  to  fifty-six  with  mileage  of 
672.  From  that  date  to  the  present  time  the 
increase  in  the  number  of  companies  and  mileage 
has  multiplied  greatly  as  shown  by  the  following 
figures:  1892,  sixty-one  companies,  754  miles;  1893, 
sixty  companies,  874  miles;  1894,  sixty-eight  com¬ 
panies,  928  miles;  1895,  seventy-five  companies, 
1,077  miles;  1896,  eighty-three  companies,  1,276 
miles;  1897,  ninety-three  companies,  1,413  miles; 
1898,  103  companies,  1,537  miles;  1899,  116  compa¬ 
nies,  1735  miles;  1900,  1 18  companies,  1,913  miles. 
In  other  words  between  1889  and  1899  the  number 
of  new  companies  formed  was  13;  between  1899  and 
1900  two  new  companies  came  into  existence.  The 
increase  in  the  number  of  miles  equipped  for  elec¬ 
tric  power  has  been  proportionally  large.  In  1889 
only  50  miles  of  track  were  equipped  for  electric 
power,  while  there  were  523  miles  on  which  horses 
were  used.  In  1900  the  number  of  miles  equipped 
for  electric  power  was  1908,  while  only  four  miles  of 
horse  railway  remained  in  the  State. 

The  total  capital  investment  (capital  stock  and 
net  debt)  of  the  street  railway  companies  of  the 
State  advanced  in  1900  from  $68, 758,800  to  $77, 226,- 
214.  In  1888  the  total  was  only  $17,237,100,  which 
shows  that  the  capital  investment  has  more  than 
quadrupled  since  the  introduction  of  electricity  as  a 
motive  power.  In  1900  the  gross  assets  were  $98,- 
700,075  ;  the  gross  liabilities,  including  capital  stock, 
$95,062,946 ;  the  surplus  of  the  companies  $3,637, 1 29, 
and  the  percentage  of  surplus  to  eapital  stock  4.22. 


The  Finance  and  Commerce  of  Boston  and  Flew  England. 


87 


The  total  number  of  passengers  carried  during 
1900  on  the  railways  of  the  118  companies  was  395,- 
027,198,  an  increase  of  38,302,985  passengers  over 
the  previous  year.  The  total  number  of  miles  run 
by  street  cars  was  81,750,768,  an  increase  of  8,383,- 
533  miles  over  the  previous  year.  The  total  num¬ 
ber  of  round  trips  run  was  7,812,427,  an  increase  of 
713,584.  The  average  number  of  passengers  car¬ 
ried  per  round  trip  was  51,  which  was  one  more 
than  in  1899.  The  increase  noted  above  shows 
satisfactory  progress,  but  in  order  to  realize  more 
thoroughly  the  increase  it  is  necessary  to  look  back 
ten  years.  In  1891  the  total  number  of  passengers 
carried  over  street  railways  was  176,090,189,  the 
total  car  miles  run  27,670,166,  and  the  total  round 
trips  run  3,958,455.  This  shows  an  increase  in  1900 
of  219,937,009  passengers  carried,  54,080,602  car 
miles  run,  and  3,859,972  round  trips  run. 

The  average  number  of  passengers  carried  in 
1900  per  mile  of  main  track  operated  was  200,262, 
and  the  average  number  per  round  trip  was  51. 

Ten  of  the  118  railway  companies  represent  66 
per  cent,  of  the  entire  capital  investment,  operate 
55  per  cent,  of  the  total  railway  mileage,  and  carry 
82  per  cent,  of  the  whole  number  of  passengers 
carried  on  all  of  the  Massachusetts  street  railways. 

One  distinct  advantage  of  the  vast  increase  of 
street  railway  companies  and  the  mileage  operated, 
which  is  commonly  lost  sight  of,  is  the  number  of 
persons  who  are  now  given  employment.  In  1891 
6,449  persons  were  employed  on  street  railways  in 
Massachusetts;  in  1900  the  number  of  employees 
was  12,766,  an  increase  of  6,317,  or  the  number  has 
about  doubled. 

In  1891  the  number  of  cars  run  was  3,494,  and  in 
1900  it  was  6,531,  an  increase  of  3,040. 

An  excellent  illustration  of  the  comparatively 
small  number  of  casualties  resulting  from  the  use 
of  electric  cars  is  shown  by  the  fact  that  in  1900 
only  one  out  of  21,945,955  street  railway  passengers 
received  fatal  injury,  and  only  one  out  of  233,054 
received  any  injury  whatever;  and  cars  were  run 
on  an  average  over  31,300  miles  without  accident 
of  any  sort  to  passenger,  employee  or  other  per¬ 
son. 

Boston  &  Northern  Street  Railway  Co. — 
The  street  railwav  business  of  Massachusetts  is 

J 

developing  by  leaps  and  bounds,  and  with  the  in¬ 
crease  in  the  number  of  companies  operating  elec¬ 
tric  cars,  and  the  radiation  of  the  trackage  through 
city,  village  and  country  hamlet,  there  has  come 
increased  population  and  prosperity  of  the  commu¬ 
nity  in  which  the  “broomstick  trains”  find  their 
complement  of  passengers. 

Boston  is  to-day  “the  Hub”  in  more  senses  than 


that  ironically  suggested  by  Dr.  Holmes,  for  from 
it  run  lines  of  electric  cars  to  all  parts  of  the  Com¬ 
monwealth.  The  Boston  &  Northern  Street  Rail¬ 
way  Co.,  which  enters  Boston  from  the  north, 
serves  a  very  large  and  densely  populated  territory, 
including  the  busy  manufacturing  communities  of 
Lynn,  Reading  and  Wakefield,  and  the  mill  centers, 
Haverhill,  Lowell  and  Lawrence.  This  line  is  the 
connecting  link  between  the  metropolis  and  the 
smaller  towns  and  cities  through  which  its  cars  are 
operated,  and  as  a  consequence  its  business  is  con¬ 
stantly  increasing,  and  millions  of  passengers  are 
carried  yearly. 

The  officers  of  the  Boston  &  Northern  Street 
Railway  Co.  are;  President,  P.  F.  Sullivan; 
General  Manager,  E.  C.  Foster;  Treasurer,  J.  H. 
Goodspeed;  General  Auditor,  D.  Dana  Bartlett; 
General  Superintendent,  H.  C.  Page.  The  com¬ 
pany  is  incorporated,  and  its  capital  stock  is  $6, 143,- 
000.  Its  principal  business  office  is  at  14  Kilby 
street,  Boston. 

Some  idea  of  the  scope  of  the  company’s  business 
can  be  gained  from  the  list  of  the  several  cities  and 
towns  in  which  the  railways  operated  by  the  concern 
have  their  tracks.  They  are  as  follows:  Andover, 
Arlington,  Beverly,  Billerica,  Boston,  Chelmsford, 
Chelsea,  Danvers,  Dracut,  Essex,  Everett,  Glouces¬ 
ter,  Groveland,  Hamilton,  Haverhill,  Hudson, 
Ipswich,  Lawrence,  Lowell,  Lynn,  Lynnfield,  Mal¬ 
den,  Marblehead,  Medford,  Melrose,  Metheun, 
Nashua,  Newburyport,  North  Andover,  Peabody, 
Reading,  Revere,  Rockport,  Salem,  Saugus,  Stone- 
ham,  Swampscott,  Tewksbury,  Tingsboro,  Wake¬ 
field,  Wenham,  West  Newbury,  Wilmington,  Win¬ 
chester  and  Woburn. 

The  miles  of  track  operated  by  the  company  are 
437,178,  and  on  the  payrolls  are  the  names  of  1,855 
employees.  During  the  year  ending  September  3, 
1901,  the  total  number  of  revenue  car  miles  made  by 
the  company  was  10,646,538,  and  the  total  number 
of  passengers  carried  aggregated  the  splendid  total 
of  54,821,850.  Since  this  date  monthly  reports  have 
shown  a  most  satisfactory  increase,  and  the  showing 
at  the  end  of  the  next  fiscal  year  cannot  but  be  still 
better. 

The  equipment  of  the  roads  operated  by  this  con¬ 
cern  is  modern  and  up-to-date  in  every  respect, 
including  modern,  high-powered  cars  of  the  latest 
type,  good  roadbed  and  heavy  rails. 

The  company’s  equipment  included  433  box  (or 
closed)  passenger  cars,  and  in  the  summer  months 
it  puts  on  627  open  cars  for  the  largely  increased 
traffic.  During  the  winter  months  it  has  ready  for 
use  148  snowplows  for  keeping  the  lines  open,  and 
a  serious  delay  in  the  time  scheduled  very  rarely 
occurs  on  account  of  snow. 


88 


The  Finance  and  Commerce  of  Boston  and  New  England. 


Old  Colony  Street  Railway  Co. — In  the  devel¬ 
opment  of  South  Eastern  Massachusetts  the  Old 
Colony  Street  Railway  Co.  has  been  an  important 
factor,  since  its  378  miles  of  track  operated  lie 
in  the  important  cities  and  towns  of  Abing- 
ton,  Avon,  Braintree,  Bridgewater,  Brockton, 
Boston,  Dedham,  Dighton,  Easton,  East  Bridge- 
water,  Freetown,  Fall  River,  Hanover,  Hingham, 
Holbrook,  Hull,  Hyde  Park,  Lakeville,  Milton, 
Middleboro,  Middletown,  Needham,  New  Bedford, 
Newport,  Norwell,  Norwood,  Portsmouth,  Quincy, 
Randolph,  Rehoboth,  Raynham,  Rockland,  See- 
konk,  Somerset,  Stoughton,  Taunton,  Tiverton, 
Walpole,  Westwood,  West  Bridgewater,  Weymouth 
and  Whitman. 

The  great  prosperity  and  earning  power  of  the 
Old  Colony  Street  Railway  Co.  can  be  traced 
directly  to  two  principal  causes.  In  the  first  place, 
this  railway  is  a  direct  trunk  line  from  the  City  of 
Boston  to  the  prosperous  and  thickly  settled  manu- 
turing  and  residential  communities  lying  to  the 
south  of  “the  Hub,”  and  its  network  of  tracks  makes 
interurban  communication  available  to  mechanic, 
farmer  and  business  man,  while  the  accommodating 
time  schedule  and  graded  fares  have  gained  for  it 
an  enormous  patronage,  which  is  constantly  in¬ 
creasing. 

The  car  service  itself  is  of  the  highest  class,  for 
the  cars  are  high-powered  with  an  available  high 
speed,  and  are  constructed  after  the  latest  models 
of  heavy  vestibuled  street  railway  coaches,  in  which 
jar,  dust  and  danger  are  minimized.  It  is,  there¬ 
fore,  possible  to  run  the  cars  between  the  towns  of 


this  system  at  a  high  rate  of  speed  with  perfect 
safety,  and  without  subjecting  the  passengers  to 
discomfort. 

The  officers  of  the  company  are  P.  F.  Sullivan, 
President;  E.  C-  Foster,  General  Manager;  J.  H. 
Goodspeed,  Treasurer;  D.  Dana  Bartlett,  General 
Auditor;  Robert  S.  Goff,  General  Superintendent. 
The  company  is  capitalized  for  $5,777,700,  and  its 
principal  business  office  is  at  14  Kilby  street, 
Boston. 

An  idea  of  the  magnitude  of  the  company’s  busi¬ 
ness  can  be  gained  from  the  fact  that  in  the  opera¬ 
tions  of  its  377,085  miles  of  roadbed  and  trackage 
1,538  employees  are  given  occupation,  while  during 
the  year  ending  September  30,  1901,  the  number  of 
revenue  car  miles  run  by  the  company’s  cars  was 
7,778,747.  During  this  same  period  the  total  num¬ 
ber  of  passengers  carried  by  the  road  was  38,883,546. 

The  equipment  of  the  company  is  of  the  most 
modern  type,  and  includes  284  box  (or  closed)  pas¬ 
senger  cars  of  the  modern  vestibuled  pattern  and 
408  open  cars  for  warm  weather  travel,  of  which 
latter  there  is  a  great  deal  during  the  summer 
months,  during  the  “open  air  excursion  season,”  as 
it  has  been  termed.  With  the  winter  equipment  of 
the  road  must  be  considered  eighty-seven  high- 
powered  snowplows,  a  very  essential  portion  of  the 
rolling  stock  of  a  New  England  Street  Railway. 

The  company  is  progressive  in  its  policy,  and 
with  its  opportunities  for  increased  trackage  and 
traffic,  may  be  depended  upon  to  meet  the  demands 
which  will  be  made  upon  it  by  a  constantly  increas¬ 
ing  population. 


Steam  Cransportation  5dbicb  Contributes 
Unsurpassed  Railway  Systems  and 
Service  in  JVew  Bngland  States. 

THE  WONDERFUL  TERMINAL  FACILITIES  OF  BOSTON —COMMERCIAL  AND 
FINANCIAL  SUCCESSES  THAT  ARE  DUE  TO  THE  RAILROADS— THE 
SPLENDID  PASSENGER  SERVICE— CHEAP  FREIGHT  RATES— 

.  FEW  TOWNS  THAT  ARE  NOT  REACHED  BY 
THE  STEAM  RAILWAYS. 

* 


80ST0N  is  the  centre  of  steam  railway  traf¬ 
fic  in  New  England,  its  terminal  facilities 
being  surpassed  in  no  city  in  the  United 
States.  It  is  not  going  too  far  to  say  that 
Boston’s  commercial  and  financial  importance  is 
largely  due  to  the  magnificent  system  of  railroads 
which  bind  the  East  in  bands  of  steel  and  lead  di¬ 
rectly  to  this  city. 

The  equipment  of  its  passenger  service,  which  is 
admirably  adapted  to  both  long  distance  travel  and 
local  needs,  is  of  the  highest  order,  and,  similarly, 
the  freight  service  is  such  as  to  encourage  trans¬ 
portation,  local  and  long  distance,  through  this  cen¬ 
tre.  The  freight  rates  are  cheap  and  the  facilities 
rapid  and  complete.  The  railway  systems  of  New 
England  are  remarkable  for  the  manner  in  which 
every  demand  of  the  territory  and  a  growing  popu¬ 
lation  has  always  been  met.  Obstacles  which  at 
first  appeared  insurmountable  have  been  overcome 
in  the  construction  of  new  roads,  and  there  are  now 
few  towns  that  are  not  reached  in  some  way  by  a 
steam  railway.  These  systems  have  contributed 
to  make  Boston  a  cosmopolitan  centre,  as  well  as 
the  centre  of  trade  and  industry  in  this  part  of  the 
country. 

Good  public  Servants  and 
Good  Investments. 

For  its  area  Massachusetts  has  very  large  railroad 
interests,  and  their  headquarters  are  practically  all 
in  Boston.  Forty-five  corporations,  doing  business 
wholly  or  in  part  in  the  Commonwealth  made  re¬ 


turns  to  the  State  Board  of  Railroad  Commissioners 
last  year,  but  only  eleven  of  them  operate  actively. 
Among  these  eleven  are  the  companies  which,  by 
lease  or  contract,  operate  the  other  thirty-four,  and 
three  of  them  have  97  per  cent,  of  the  total  mileage 
and  nearly  99  per  cent,  of  the  traffic. 

One  chapter  of  the  story  of  Massachusetts  rail¬ 
roads  it  would  be  hard  to  find  an  equal  for.  During 
the  twelve  months  covered  by  this  year’s  reports 
there  were  no  serious  disasters,  not  a  single  passen¬ 
ger  was  killed  in  a  train  accident,  and  but  three  em¬ 
ployees  met  their  deaths  in  collisions.  This  keeps  up 
the  good  record  established  the  previous  year.  The 
number  of  persons  injured  on  railroads  was  less  than 
two-thirds  of  the  previous  year’s  list,  and  of  those 
fewer  than  one-twentieth  were  passengers,  a  very 
much  smaller  number  than  in  any  of  the  last  twenty 
years.  Many  were  trespassers,  or  persons  who 
were  unlawfully  on  the  tracks.  .  Grade-crossing  ac¬ 
cidents  numbered  only  about  half  as  many  as  in  1900, 
and  curiously  enough,  most  of  them  occurred  at 
“  protected  crossings,  ”  where  every  precaution  for 
the  public  safety  had  been  taken,  and  only  the  vic¬ 
tims  themselves  could  be  responsible  for  what  hap¬ 
pened.  The  number  of  employees  hurt  was  below 
the  average  for  the  last  ten  years. 

This  showing  is  the  more  remarkable  when  con¬ 
sidered  together  with  the  figures  of  travel.  In  all, 
87,014,642  passengers  were  carried  in  Massachusetts 
during  1901,  and  they  journeyed  over  a  total  distance 
of  1,486,602,603  miles,  requiring  the  services  in  one 
way  and  another  of  53,564  employees.  These  figures 
the  tremendous  development  of  the  railroads  of  the 
State  in  a  few  years  tell  plainly,  for  nine  years  ago 
they  needed  but  44,784  employees  and  the  number 


9° 


The  Finance  and  Commerce  of  Boston  and  New  England. 


last  year  was  an  increase  of  more  than  500  over  the 
force  of  the  year  previous. 

There  are  now  in  Massachusetts  some  2,107  miles 
of  railroad  track,  but  the  Massachusetts  corporations 
own  7,500  miles  and  operate  9,164  miles  altogether. 
The  whole  number  of  miles  which  trains  of  all  kinds 
ran  over  these  great  stretches  of  steel  was  61,041,881 
— an  increase  of  more  than  a  million  miles,  by  the 
way — and  they  carried  108,758,528  passengers  in  all. 
In  addition  to  this,  39,463,814  tons  of  freight  were 


protected  by  every  modern  safeguard,  provided  with 
every  known  comfort.  The  average  rate  of  speed 
compares  most  favorably  with  that  of  railroads  in 
other  sections,  being  far  above  the  usual.  The  rates 
of  fare  and  fre-ight  transportation  charges  are  of 
wide  repute  for  their  reasonableness. 

The  “  local  service  ”  which  the  Massachusetts  rail¬ 
road  companies  afford  the  length  and  breadth  of  their 
territory  is  most  noteworthy,  and  is  the  best  possible 
indication  of  the  spirit  of  the  corporations  in  their 


THE  SOUTH  STATION. 

This  is  the  largest  railroad  station  in  the  world ,  and  accommodates  all  divisions  of  the  New  York ,  New 
Haven  and  Hartford  Road  which  touch  Boston ,  as  well  as  the  Boston  and  Albany 

Division  of  the  New  York  Central. 


handled.  This  splendid  service  was  carried  on  with 
2, 169  locomotives,  3,255  passenger  coaches,  33,801 
freight  cars  and  nearly  20,000  other  cars  of  various 
kinds. 

Figures  are  dry,  but  these  give  some  idea,  in  a 
concise  form,  of  the  greatness  of  the  work  which 
these  public  servants  perform  each  year  and  with 
what  degree  of  care.  The  roadbeds  and  rolling 
stock  are  maintained  in  well-nigh  perfect  order, 


dealings  with  the  public.  While  of  perhaps  the  great¬ 
est  general  public  convenience,  the  short  hauls  with 
frequent  stops  are  in  the  nature  of  things  least  prof¬ 
itable  to  the  railroads,  yet  nowhere  in  the  country 
is  such  accommodation  of  this  particular  kind  given 
as  in  New  England,  especially,  of  course,  in  the 
vicinity  of  the  large  cities.  The  introduction  of 
“  cab  ”  train  service — a  time  schedule  which  pro¬ 
vides  numerous  trains  at  short,  regular  intervals  for 


The  Finance  and  Commerce  of  Boston  and  New  England. 


91 


suburban  travel—  and  of  wonderfully  low-priced 
strip  tickets  and  special  rates  of  transportation  for 
school  children  and  working  men,  are  the  most 
complete  developments  of  the  kind  anywhere. 

Similarly,  the  freight  service  is  exceptional  for  its 
quickness  and  completeness,  as  well  as  its  cheap¬ 
ness.  The  refrigerator  cars  which  are  now  in  uni¬ 
versal  use  were  first  made  possible  by  Boston 
enterprise,  and  many  other  of  the  features  of 
modern  transportation  which  make  for  the  safety 
and  wholesomeness  of  live  or  perishable  property 
have  found  their  sponsors  here,  and  have  been 
promptly  taken  up  by  the  railroads  of  New  England. 
The  many  advantages  offered  by  the  various  lines 
to  freight  shippers  have,  no  doubt,  had  not  a  little 
to  do  with  Boston’s  steady  rise  as  an  export 
point. 

The  terminal  facilities  are  extensive,  convenient 
and  well  equipped,  and  are  so  arranged  as  to  permit 
of  very  easy  transfer  from  one  to  another.  The 
whole  process  of  shipping  goods  abroad,  or  even 
from  place  to  place  in  this  country,  has  been  made 
a  particularly  economical  one  if  Boston  is  employed 
as  the  central  point.  The  excellent  connections 
and  advantageous  exchange  arrangements  which 
the  several  lines  have  established  at  numerous 
places  throughout  the  six  States,  are  another  im¬ 
portant  factor  to  be  considered. 

The  cheapness  of  railroad  transportation  for  both 
passengers  and  freight  in  New  England  makes  a 
remarkable  showing  in  a  table  compiled  by  the 
Massachusetts  Railroad  Commissioners.  The  aver¬ 
age  passenger  fare  in  1871  was  something  more  than 
2  y-2  cents  per  mile.  Now  it  is  something  less  than 
1 24  cents  per  mile,  a  reduction  of  about  30  per 
cent.,  or  1  per  cent,  a  year.  The  reduction  on  the 
five  principal  lines  since  1865  has  been  32  per  cent, 
in  the  average. 

Freight  rates  show  an  even  more  startling  dimi¬ 
nution.  In  1871  it  cost  3. 1 1  cents  to  transport  a 
ton  one  mile.  Thirty  years  later  the  same  service 
was  performed  for  1.22  cents.  This  decrease  of  61 
per  cent,  began  with  a  very  rapid  fall  in  charges 
during  the  first  ten  years  of  the  period  and  con¬ 
tinued  steadily  with  but  slight  fluctuations.  The 
four  leading  railway  lines  cut  their  freight  charges 
71  per  cent,  from  1865  to  1900.  Nonetheless,  the 
income  and  the  profits  increased  steadily. 

An  important  feature  of  New  England’s  railway 
systems  is  the  completeness  with  which  they  cover 
their  territory.  Wherever  there  is  the  demand  to 
justify  it  they  go  if  it  is  physically  possible,  and 
where  insurmountable  obstacles  to  construction  in¬ 
terpose  themselves,  connections  by  stage  or  trolley 
are  arranged.  The  number  of  towns  in  the  six 
States  which  are  not  in  direct  touch  with  the  steam 


roads  in  one  way  or  another  is  certainly  very  small, 
and  this  is  especially  true  of  Massachusetts.  The 
railroads  have  made  possible  the  remarkable  in¬ 
dustrial  development  which  continues  year  after 
year  here,  and  have  helped  in  large  measure  to 
retain  the  reputation  of  this  group  of  Common¬ 
wealths  as  the  finest  home  section  of  the  whole 
country. 

Under  discreet  management  the  companies  have 
beautified  their  paths  where  they  could,  and  dis¬ 
figured  them  no  more  than  needs  they  must.  Sta¬ 
tion  buildings  and  their  surroundings  have  been 
planned  with  due  consideration  of  both  their  pur¬ 
poses  and  their  appearance,  and  the  old  idea  that 
the  “depot”  was  of  necessity  an  unsightly  place 
has  been  put  out  of  countenance.  The  relations  be¬ 
tween  employers  and  employed  have  been  marked 
by  few  misunderstandings,  and  no  serious  diffi¬ 
culties  have  clouded  them. 

Financially  the  showing  of  the  Massachusetts 
railroad  corporations  is  most  flattering.  It  has 
always  been  so,  and  each  succeeding  year  gives 
promise  of  increased  prosperity,  in  which  the  pub¬ 
lic  has  a  share,  through  the  constant  improve¬ 
ments  and  extensions  in  the  equipment  and  con¬ 
struction,  in  train  service  and  traffic  rates.  Grade 
crossings  are  being  done  away  with  wherever  they 
can  be  supplanted  by  some  other  arrangement; 
great  viaducts  have  been  built  for  the  approaches 
to  the  larger  cities,  and  the  adoption  of  every 
new  device  for  safe  transit  which  is  shown  to  be 
practicable  is  immediate.  The  construction  of  two 
great  terminal  passenger  stations  in  Boston  within 
a  few  years — two  of  the  finest,  most  perfect  build¬ 
ings  of  their  kind  in  the  world — is  a  fair  example 
of  the  spirit  shown.  The  consideration  of  expense 
has  never  retarded  the  forward  movement  for  a 
moment. 

Doubtless  it  is  these  facts  which  make  the  rail¬ 
ways  such  satisfactory  property  to  their  share¬ 
holders.  The  combined  capital  stock  of  the  forty- 
five  companies  represents  $210,305,885.72,  the  net 
decrease  of  not  quite  $6,000,000  since  last  year 
being  accounted  for  by  absorption.  On  this  enor¬ 
mous  sum  dividends  to  the  amount  of  $13,049,- 
306.39  were  declared,  there  being  an  increase  in 
this  respect  of  $550,859.48.  The  total  income  for 
the  year  was  $94,307,564.70,  and  the  total  expendi¬ 
tures  came  to  $93,827,244.19,  including  the  divi¬ 
dends.  This  left  a  net  surplus  for  the  twelve 
months,  to  be  added  to  the  surplus  account,  of 
$480,320.51. 

The  gross  debt,  funded  and  unfunded,  of  all 
the  corporations  in  aggregate  is  shown  by  the  re¬ 
cent  Commissioners’  report  to  be  $175,111,401.20. 
The  gross  assets,  when  the  various  statements  were 


92 


The  Finance  and  Commerce  of  Boston  and  New  England. 


drawn  up  by  the  companies  June  30  last,  were 
$4i9>743*52i-23j  an  increase  of  $14,555,191  net.  At 
the  same  time  the  gross  liabilities  figured  $385,- 
417,286.92.  This  was  also  an  increase,  but  so 
slight  by  comparison  that  a  balance  of  $6,146,795 
in  favor  of  the  assets  account  remained.  The  net 
earnings  were  $25,091,995. 

In  treating  the  subject  of  railroads,  mention 
should  be  made  of  the  steamer  lines  in  which  sev¬ 
eral  of  them  are  interested  in  connection  with  their 
train  service.  A  large  fleet  of  the  finest  of  the 
Long  Island  Sound  steamers  are  under  the  man¬ 
agement  of  one;  another  operates  a  number  of  the 
Lake  steamers  which  are  such  important  factors  in 
many  summer  outings;  a  third  has  close  relations 
with  what  are  probably  the  most  famous  river 
steamers  in  the  country.  These  great  railroads 
and  their  connections  furnish  the  means  of  reach¬ 
ing  every  part  of  the  United  States  and  its  neigh¬ 
bors  to  the  north  and  south  in  the  speediest  pos¬ 
sible  way,  by  the  shortest  routes,  most  com¬ 
fortably — luxuriously  it  would  be  called  in  any 
but  this  age  of  luxury — and  at  the  least  expense. 
Transportation  is  one  form  of  modern  progress  for 
which  New  England  may  well  look  to  the  repre¬ 
sentatives  within  her  own  borders.  They  have  be¬ 
come  a  standard  and  an  object  lesson  in  all  that  is 
best. 

The  Boston  and  Albany  Railroad. — The  Bos¬ 
ton  and  Albany  Railroad  which  is  now  under  lease  to 
the  New  York  Central  Co.,  is  one  of  the  impor¬ 
tant  lines  in  New  England,  for  it  furnishes  the  most 
direct  route  for  freight  and  for  passengers  between 
Boston  and  the  principal  New  England  cities,  and 
the  West.  The  Boston  and  Albany  Railroad  has 
long  been  famous  for  the  excellence  of  its  equip¬ 
ment,  the  splendid  character  of  its  railway  stations 
and  the  thorough  manner  in  which  its  business  has 
been  carried  on,  showing  great  care  in  the  smaller 
details  of  providing  conveniences  and  even  luxury 
for  the  public  which  it  serves,  as  well  as  guarding 
zealously  the  larger  interests  and  safety  of  its  pas¬ 
sengers  and  freight.  Its  service  has  always  been 
first-class  and  will  continue  so,  for  it  is  the  purpose 
and  policy  of  the  New  York  Central  Co.  not  only  to 
maintain  the  high  standard  of  the  past,  but  under 
its  liberal  plans  to  make  large  and  constant  im¬ 
provements.  The  Boston  and  Albany  Railroad  has 
in  the  past  done  much  to  build  up  the  import  and 
export  trade  of  Boston.  It  was  the  first  company 
to  engage  in  foreign  business,  to  and  from  the  West, 
via.  Boston,  a  business  that  has  since  grown  to 
great  proportions.  Boston  by  reason  of  this  foreign 
trade  has  become  a  great  commercial  centre,  second 
only  to  New  \  ork.  It  is  the  growth  of  foreign 


trade  that  has  emphasized  the  agricultural  and  in¬ 
dustrial  supremacy  of  the  United  States,  and  this 
trade  has  been  added  to  a  great  extent  by  the  pos¬ 
sibility  of  cheaply  transporting  agricultural  pro¬ 
ducts  from  the -West  and  manufactured  goods  in  the 
East  to  the  Atlantic  ports  for  shipment  abroad. 
The  Boston  and  Albany  Railroad  was  a  pioneer  in 
this  commerce.  The  New  York  Central,  having  con¬ 
trol  of  the  Boston  and  Albany,  will  spend$2,ooo,ooo 
in  terminal  facilities  at  East  Boston.  This  export 
trade  is  supplemented  by  an  import  trade  of  con¬ 
siderable  importance.  The  new  docks  will  furnish 
accommodations  for  the  largest  steamships  and 
it  will  be  possible  to  handle  freight  with  greater 
convenience  and  rapidity.  These  improvements 
are  required  to  keep  pace  with  the  growth  of  trade 
and  will  be  particularly  necessary  when  Boston 
harbor  channels  are  deepened  and  widened  to  ac¬ 
commodate  the  largest  ocean  carriers.  This  ex¬ 
penditure  of  $2,000,000  will  be  of  direct  benefit  to 
the  merchants  of  Boston  and  to  the  manufacturers 
throughout  New  England,  and,  by  providing  ade¬ 
quate  docking  facilities,  will  prove  of  almost  as 
great  advantage  in  building  up  the  commerce  of 
Boston  as  the  harbor  improvements  that  are  now  in 
progress.  Every  plan  that  increases  the  facility  of 
shipment  of  manufactured  goods  or  the  landing  of 
imported  goods  must  always  benefit  manufacturers 
in  their  trade,  and  prove  of  vast  importance  to  the 
industrial  welfare  of  a  great  many  people. 

The  shippers  of  perishable  freight  and  live  stock 
in  the  middle  and  Western  States  like  to  send  their 
freight  by  The  Boston  and  Albany  for  various  rea¬ 
sons.  It  is  the  most  direct  route  to  begin  with,  but 
another  and  more  important  consideration  is  the 
fact  that  there  is  no  delay  in  the  delivery  of  goods 
from  the  cars  to  the  vessels,  and  besides  in  the 
transfer  of  goods  they  are  not  exposed  to  the  vary¬ 
ing  conditions  of  the  weather.  The  tracks  of  The 
Boston  and  Albany  Railroad  run  to  the  wharves 
where  the'  vessels  discharge  their  cargoes  and  where 
they  receive  the  products  of  this  country  for  ship¬ 
ment.  That  is  why  there  are  no  delays  and  why 
goods  are  handled  not  only  with  promptness,  but 
also  with  the  greatest  safety,  and  these  same  ad¬ 
vantages  which  have  won  The  Boston  and  Albany 
Railroad  its  prestige  in  the  transportation  of  freight, 
are  those  which  it  is  the  policy  and  purpose  of  the 
New  York  Central  as  lessee  to  further  develop  and 
and  improve. 

The  facilities  furnished  by  The  Boston  and  Albany 
and  New  York  Central  lines  for  passenger  travel, 
between  Boston  and  the  West,  are  unequalled.  No 
other  railroad  is  able  to  provide  so  well  for  the 
traveller  in  respect  to  comfort,  convenience,  rapid 
transportation  and  close  connections.  Fast  trains 


The  Finance  and  Commerce  of  Boston  and  New  England. 


93 


with  sleeping-  cars  and  dining  cars  attached,  are  run 
at  convenient  hours,  making  connection  at  Chicago, 
St.  Louis  and  Cincinnati  with  the  various  lines  to  and 
from  the  West,  Southwest  and  South.  This  enables  a 
passenger  on  The  Boston  and  Albany  and  New  York 
Central  line  to  reach  practically  any  point  in  the 
country  with  all  the  comforts  that  railroads  are  able 
to  supply,  and  without  loss  of  time.  An  advantage 


ests  of  Boston  and  of  New  England,  and  the  lease 
of  The  Boston  and  Albany  to  the  New  York  Central 
will  undoubtedly  prove  to  be  very  advantageous  to 
New  England,  both  in  freight  and  passenger  service. 

The  fact  is  realized  that  Boston  is  destined  to  be¬ 
come  one  of  the  greatest  commercial  ports  of  the 
world,  that  New  England  will  maintain  its  supre¬ 
macy  in  manufactures,  and  that,  with  the  rapid 


THE  NORTH  STATION. 

T/iis  is  the  Boston  terminal  of  the  great  Boston  and  Maine  Railroad  system ,  and  is  used  by  all  the  divisions 
of  that  road  which  touch  the  city.  From  here  all  trains  which  leave  Boston  for  any  part  of  New 
England  north  of  Boston  start.  The  structure  was  completed  in  1893-94. 


that  always  interests  the  people  who  travel  for 
pleasure  is  the  privilege  that  this  line  grants,  in 
connection  writh  all  through  tickets,  of  visiting 
Niagara  Falls  without  extra  charge.  Thousands  of 
passengers  avail  themselves  of  this  privilege  and 
thus  see  that  grand  and  magnificent  spectacle.  The 
management  of  the  New  York  Central  lines  is 
always  ready  to  do  what  it  can  to  advance  the  inter¬ 


growth  of  this  country’s  trade  in  the  markets  of  the 
world,  the  progress  of  Boston  and  other  cities  that 
have  great  harbor  advantages,  will  continue  with 
even  greater  rapidity  than  in  the  past.  With  these 
things  in  view,  it  is  readily  seen  that  a  great  rail¬ 
road  company  will  do  well  to  prepare  for  larger 
business  so  that  it  may  secure  a  large  share  of  the 
increased  commerce.  The  management  Qf  the  New 


94 


The  Finance  and  Commerce  of  Boston  and  New  England. 


York  Central  lines  believes  in  New  England,  and 
has  determined  to  share  in  its  glorious  future. 

The  Boston  and  Maine  Railroad  System.— In 
New  England  there  can  be  found  any  locality  that 
the  vacationist  desires — mountains,  seashore,  in¬ 
land  lakes  and  beautiful  country  villages,  but  which¬ 
ever  is  chosen,  the  visitor  will  find  everything  that 
he  anticipated  in  the  way  of  beautiful  scenery, 
rocky  coasts,  pleasant  harbors,  wild  mountains, 
peaceful  valleys,  gay  resorts  and  quiet  country. 
To  all  of  these  The  Boston  and  Maine  Railroad  Sys¬ 
tem  and  its  tributaries  extend.  They  penetrate  to 
the  quiet  of  rural  New  Hampshire  to  the  crowded 
seashore  and  the  beautiful  White  Mountains  and 
Crawford  Notch. 

The  Boston  and  Maine  Railroad  routes  lead  from 
Boston  to  all  parts  of  the  White  Mountains  region. 
The  Eastern  route  leaves  The  Boston  and  Maine 
seacost  line  a  few  miles  beyond  the  City  of  Ports¬ 
mouth,  N.  H.,  reaching  Mount  Pleasant  and  Fabyan, 
the  heart  of  the  White  Mountains,  via  Ossipee, 
North  Conway,  Bartlett,  the  Crawford  Notch  and 
the  Crawford  House. 

Ossipee  is  a  paradise  for  those  who  desire  the 
purest  of  air,  delightful  mountain  scenery,  where 
most  excellent  accommodations  and  facilities  for 
enjoyment  are  afforded. 

Another  beautiful  highland  section  is  that  sur¬ 
rounding  Lake  Winnipesaukee.  The  railroad 
almost  overhangs  the  Western  side  of  this  Queen  of 
inland  waters.  The  trip  about  the  lake  is  a  revela¬ 
tion,  and  is  a  distinctly  attractive  feature  of  the 
country.  Northward  may  be  found  Plymouth  lying 
near  the  lower  entrance  of  the  Pemigewasset 
Valley. 

Pursuing  the  main  line  of  The  Boston  and  Maine 
Railroad  northward  from  Plymouth  the  route  finally 
touches  the  Connecticut  River.  Then  swerving  to 
the  eastward  the  railroad  follows  the  course  of  the 
Ammonoosuc  from  its  mouth  to  its  source,  a 
picturesque,  delightful  ride.  Within  the  first  few 
miles  after  making  departure  from  the  Connecticut 
River,  some  bustling  New  England  towns  are 
reached. 

Those  whose  ideas  of  the  White  Mountains  have 
been  derived  wholly  from  the  viewpoint  of  Beth¬ 
lehem,  Fabyan  or  Crawford  Notch  have  little  con¬ 
ception  of  the  beauty  and  grandeur  that  gladdens 
the  eye  of  him  who  looks  upon  the  Presidential 
Range  from  the  northern  side  of  the  Mountains, 
which  locality  is  reached  by  the  Whitefield  and 
Jefferson  branch  of  The  Boston  and  Maine  Railroad. 
Randolph,  about  seven  miles  from  Jefferson,  is  an¬ 
other  growing  resort. 

An  uphill  ride  of  little  more  than  a  half  dozen 


miles  from  Bethlehem  Junction  on  The  Boston  and 
Maine  Railroad  carries  one  to  the  head  or  entrance 
from  the  northward  of  Franconia  Notch,  or  to  the 
diminutive  plateau  situated  about  half  way  between 
Profile  and  Echo  Lakes,  and  within  the  very  shadow 
of  Mount  Cannon,  whose  southerly  face  presents 
that  curious  rock  formation  known  as  “The  Old 
Man  of  the  Mountain.  ”  LTpon  this  plateau  is  situated 
the  Profile  House.  The  scenery  roundabout,  as 
viewed  from  the  piazzas  of  the  hotel,  is  of  the 
wildest,  most  primitive  character.  Profile  and 
Echo  Lakes  are  beautiful  sheets  of  water,  and  the 
latter  the  home  of  the  pickerel  and  black  bass. 
The  praise  continually  uttered  about  this  section 
by  distinguished  visitors  is  always  without  the 
slightest  tinge  of  disappointment. 

The  tourist  leaving  the  North  station  in  Boston 
for  the  longest  all-rail  journey  that  can  be  taken 
eastward, — to  the  shores  of  Cape  Breton — will  be 
charmed  with  the  scenic  attractions.  That  portion 
of  it  which  takes  him  through  the  interior  of  Maine 
will  have  its  compensation,  while  that  which  lies 
beyond  will  abundantly  repay  him  for  any  possible 
disappointment.  The  more  fortunate  traveller 
possibly  is  he  who  can  leisurely  visit  Cape  Ann, 
Hampton,  Rye,  Newcastle,  York  Harbor,  Wells, 
Scarbaro  and  Old  Orchard  beaches,  not  to  mention 
the  poetic  Isles  of  Shoals,  Kennebunkport,  Port¬ 
land,  Bath,  Mount  Desert,  St.  Andrews  and  the 
numerous  other  resorts  that  are  caressed  by  the 
salty  waves  of  Old  Atlantic. 

The  summer  resorts  of  the  North  Shore,  within 
easy  reach  from  Boston  are  peopled  very  largely  by 
a  sojourning  population,  representing  the  most  in¬ 
telligent  and  well-to-do  classes  of  the  social  and 
domestic  life  of  the  country.  The  first  evidence  of 
what  may  be  called  cottage  life  is  to  be  found  at 
Swampscott,  which  abounds  in  beautiful  villas  and 
summer  residences  owned  by  men  of  wealth  and 
high  social  position.  The  Swampscott  situation 
upon  the  Bay  shore  is  exceptionally  fine.  Not  many 
miles  northward  lies  ancient  Marblehead,  occupying 
a  rockbound,  primitive  shore,  overlooking  the  bay. 
It  is  famous  as  the  headquarters  for  yachtsmen, 
who  annually  gather  in  its  beautiful  harbor  from  all 
parts  of  the  world.  Now  comes  Ancient  Salem, 
sixteen  miles  from  Boston,  once  the  centre  for  a 
large  East  Indian  trade.  It  was  the  home  of 
Nathaniel  Hawthorne.  The  city  has  an  attraction 
for  every  class  of  visitors  in  its  historic  associations 
and  monuments  united  to  its  unusually  fine  natural 
endowments.  Close  at  hand  is  the  quaint  little  City 
of  Beverly,  near  the  point  of  junction  with  the  main¬ 
land  of  the  promontory  known  as  Cape  Ann.  In  the 
extreme  beauty  of  its  natural  scenery,  it  must  be 
regarded  as  the  gem  of  the  North  Shore.  From 


The  Finance  and  Commerce  of  Boston  and  New  England. 


95 


Beverly  the  Gloucester  branch  of  The  Boston  and 
Maine  Railroad  runs  from  end  to  end  of  Cape  Ann. 
This  region  is  one  of  the  great  summer  parks  of 
New  England.  Montserrat,  Hospital  Point,  Beverly 
Farms,  Manchester-by-the-sea,  Singing  Beach, 
Eagle  Head,  Thunderbolt  Rock,  Magnolia  is  a  list 
of  local  names  of  the  Beverly  summer  resorts  that 
suggest  all  that  is  enjoyable  in  summer-time  upon 
the  New  England  shores.  The  Cape  Ann  “settle¬ 
ments  ”  include,  beside  the  Beverly  sections,  the 
City  of  Gloucester  on  the  South,  Rockport,  which 
occupies  the  extreme  point  of  the  Cape,  and  Essex 
holding  the  same  position  on  the  North,  with  re¬ 
lation  to  this  promontory,  as  does  Beverly  on  the 
South.  At  the  northerly  point  of  New  Hampshire’s 
seacoast  lies  the  City  of  Portsmouth. 

The  historic  associations  of  the  Isles  of  Shoals 
antedate  Plymouth  by  nearly  two  score  years.  They 
are  now  as  when  the  De  Monts  sailed  past  them  in 
1605,  bare,  cragged,  seamed,  and  ocean-washed 
masses  of  rocks.  The  modern  sojourner  at  the  Isles 
of  Shoals  finds  an  endless  delight  in  the  bracing  sea 
air,  the  isolation  from  the  outside  world,  and  the 
wealth  of  recreative  employment  and  enjoyment  at 
hand. 

Kennebunkport  nestles  charmingly  not  far  from 
the  mouth  of  the  placid  Kennebunk  River.  This 
place  and  Kennebunk  Beach  are  two  of  the  most 
popular  shore  resorts  in  all  Maine. 

Old  Orchard,  in  summer,  is  certainly  one  of  the 
most  populous  resorts  in  the  United  States,  and  it 
is  claimed  by  its  enterprising  hotel  keepers  to  be 
the  most  popular  seaside  rallying  place  on  the  coast 
of  Maine.  It  is  twelve  miles  from  Portland  and 
one  hundred  and  four  miles  from  Boston.  Gaiety 
is  also  the  watchward  at  Old  Orchard,  and  sombre¬ 
ness  never  reigns  until  the  season  ends. 

The  grandest  of  all  the  summer  resorts  of  the 
Northern  New  England  coasts,  the  Newport  of  the 
Maine  shores,  without  question,  is  Mount  Desert. 
The  name  is  not  exactly  descriptive  since  Mount 
Desert — or  the  resort  so-called — is  an  island,  and 
the  name  belongs  rather  to  an  extended  group  of 
upheavals  than  to  any  individual  mountain  elevation. 
It  is  a  very  popular  resort  for  Europeans. 

Until,  recently  Bar  Harbor  stood  for  the  Ultima 
Thule  of  the  sea-loving  vacationist  whose  wander¬ 
ings  took  him  over  The  Boston  and  Maine  System. 
Now  St.  Andrews  and  contiguous  sections  of  the 
New  Brunswick  coast  are  added  to  the  “  Down 
East  ”  list,  then  comes  Nova  Scotia,  its  Cape  Breton 
continuations,  and  Prince  Edward  Island  and  Newr- 
foundland. 

Everywhere  in  the  Provinces  the  tourist  finds 
scenes  and  localities  worthy  of  his  attention.  There 
are  St.  John,  the  land  of  Evangeline,  Digby,  Hali¬ 


fax  and  Yarmouth,  all  easily  reached  by  means  of 
a  first-class  railroad  or  steamship  service. 

What  other  section,  save  one — of  North  America, 
can  equal  New  England,  in  grandeur  and  impres¬ 
siveness  of  the  lake  system  that  includes  Moose- 
head  and  the  Aroostook  waters ;  the  Rangeleys, 
Megantic  and  Parmachenee,  Memphremagog, 
Willoughby,  and  the  Connecticut  Lakes;  Winne- 
pesaukee,  Winnisquam,  the  Squam  Lakes,  and  the 
great  body  of  lesser  formations  that  make  up  the 
lake  system  of  Central  New  Hampshire;  Champlain 
in  Vermont;  and  the  multitude  of  forest  lakes  and 
ponds  that  distinguish  the  Central  and  Southern 
New  England  territory.  And  what  other  section 
of  the  “States”  can  be  so  fittingly  described  as  a 
“  Paradise  ”  for  the  sportsman.  Through  this  terri¬ 
tory  the  lines  of  The  Boston  and  Maine  Railroad  and 
its  connections  extend  in  all  directions,  reaching 
into  the  primitive  wilderness  and  opening  to  the 
traveller  the  delights  of  this  great  country. 

Of  Lake  Winnipesaukee  volumes  could  be  written, 
but  the  highest  praise  comes  from  those  who  annu¬ 
ally  spend  their  vacations  on  its  shores.  On  every 
side  there  is  a  series  of  summer  resorts,  superlative 
in  quality,  Alton  Bay,  Wolfeboro,  Centre  Harbor, 
and  the  Weirs.  The  mountain  scenery  is  superb. 
Just  below  Winnepesaukee  lies  Lake  Winnesquam, 
with  the  thriving  city  of  Laconia  occupying  almost 
the  whole  of  its  eastern  boundary.  It  abounds  in 
fish  and  the  winter  fishing  is  an  occasion  of  great 
merriment. 

Sunapee  Lake  is  finely  situated  on  or  near  the 
Concord  and  Claremont  branch  of  The  Boston  and 
Maine  Railroad. 

Newfound  Lake  lies  about  six  miles  north  from 
Bristol,  on  a  little  branch  line  of  the  “Northern 
Railroad,”  a  member  of  The  Boston  and  Maine 
Railroad  System. 

The  Squam  Lakes  are  the  most  beautiful  inland 
waters  to  be  found  in  New  England,  and  the  scenery 
about  them  is  the  finest  and  most  varied  within  this 
region.  An  excellent  road  winds  completely  around 
these  waters,  and  the  highway  leading  from  Ash¬ 
land  (on  the  main  line  of  The  Boston  and  Maine 
Railroad)  to  Red  Hill  and  Centre  Harbor  passes 
along  their  shores. 

Willoughby  Lake  and  Lake  Memphremagog  are 
found  in  the  extreme  northern  part  of  the  State  of 
Vermont,  the  last  named,  indeed,  lying  both  in 
Vermont  and  in  Canadian  territory.  Willoughby 
Lake  is  reached  by  stage  ride  for  six  miles  from 
West  Burke  on  the  Passumpsic  Division  of  The  Bos¬ 
ton  and  Maine  Railroad.  This  lake  occupies  a 
primitive  locality — a  great  gap  taking  place  among 
the  beautiful  and  impressive  mountain  heights. 
Within  recent  years  the  fame  of  Lake  Willoughby 


96 


The  Finance  and  Commerce  of  Boston  and  New  England. 


has  been  sounded  in  all  sections  by  people  who  have 
made  summer  pilgrimages  to  its  situation.  The 
whole  section  presents  scenes  of  the  wildest  and 
grandest  natural  features.  In  short,  here  is  a  sum¬ 
mer  resort  presided  over  by  Dame  Nature  herself. 

The  principal  “settlement”  of  the  Lake  Mem- 
phremagog  region  is  the  town  of  New  Port,  Ver¬ 
mont,  at  the  far  end  of  the  Passumpsic  Valley  and 
directly  upon  the  line  of  that  division  of  the  Boston 
and  Maine  Railroad.  Its  shores  are  rockbound  and 
forest  clad,  with  scattered  estates,  hamlets  and 
villages  on  either  side,  and  with  government  light 
houses  and  assistants  to  navigation.  Only  about  one- 
fourth  of  its  waters  lie  within  United  States 
territory. 

Lake  Champlain  is  situated  between  the  States 
of  Vermont  and  New  York.  The  lake  and  its  sur¬ 
roundings  formed  once  a  theatre  for  most  significant, 
and  often  tragic,  performances  of  Indian  tribes, 
who  occupied  the  regions  for  years.  The  beauties 
of  the  lake  can  scarcely  be  exaggerated  in  descrip¬ 
tion,  having  elements  of  majestic  grandeur  and 
impressiveness,  as  well  as  of  extreme  pictur¬ 
esqueness. 

The  chain  of  six  lakes  known  as  the  “  Rangeley 
Lakes”  lie  near  the  boundary  line  between  the 
States  of  Maine  and  New  Hampshire.  They  are 
often  called  the  “ Androscoggin  Lakes”  because 
their  connected  waters  finally  drain  into  or  form, 
the  river  of  that  name.  Upon  their  shores  are  to 
be  found  hotels  and  clubhouses  with  “camps”  and 
private  dwelling  places,  in  which  entertainment  for 
visitors  and  sojourners  may  be  easily  obtained. 

Moosehead  Lake  is  the  largest  of  the  New  Eng. 
land  lakes  east  of  Lake  Champlain.  Its  surface  is 
about  one  thousand  feet  above  the  sea  level  and  in 
some  portions  is  declared  to  be  one  thousand  feet 
deep.  In  all  parts  may  be  found  natural  fishing 
places. 

The  Fitchburg  Division  of  the  Boston  and  Maine 
Railroad  passes  through  the  beautiful  Deerfield 
Valley  and  the  Hoosac  Country.  And  yet  before 

if 

reaching  that  western  part  of  Massachusetts,  the 
road  covers  a  stretch  of  country  not  many  miles 
distant  from  Boston,  that  has  beauty  of  scenery  and 
is  rich  in  historical  interest.  Waltham,  Watertown, 
Roberts,  Stony  Brook,  Concord,  Silver  Hill,  Lin¬ 
coln  and  such  places,  contain  the  homes  of  men  of 
wealth  and  social  prominence,  where  farming  is  con¬ 
ducted  on  a  scientific  scale.  Then  there  is  the  town 
of  Sudbury  containing  the  famous  “Wayside  Inn’’ 
made  known  to  the  world  by  Longfellow. 

Fitchburg  is  known  as  a  manufacturing  city  and 
yet  in  its  vicinity  there  are  found  sources  of  amuse¬ 
ment  and  pleasure  lacking  in  many  more  pretentious 
places,  A  few  miles  farther  on  and  the  pretty, 


elevated  town  of  Ashburnham  is  reached.  Two 
attractive  sheets  of  water,  the  Upper  and  Lower 
Naukeag  Lakes,  invite  the  tourist  to  enjoy  the 
pleasures  of  boating  and  fishing.  Watatic  Moun¬ 
tain,  rising  2,000  feet  above  the  sea  level,  stand 
gurdian  over  "  the  whole  Ashburnham  country.  In 
the  surrounding  covers  is  to  be  found  an  abundance 
of  small  game  in  the  shooting  season. 

The  Cheshire  branch  is  one  of  the  most  interest¬ 
ing  of  the  whole  Boston  and  Maine  system,  skirting 
as  it  does,  the  glorious  Monadnock  country,  the 
Ashuelot  Valley,  the  Connecticut  River  Valley  and 
other  picturesque  sections.  Winchendon  and  West 
Rindge  are  favorite  summering  places.  Bellows 
F'alls,  1 14  miles  from  Boston,  is  reached  after  cross¬ 
ing  the  Connecticut  River,  and  is  one  of  the  most 
important  gateways  of  Vermont  as  regards  tourist 
travel. 

At  this  point  the  Rutland  Railroad  system  carries 
tourists  into  the  mountainous  Vermont  country  to 
Lake  Champlain. 

Returning  over  the  main  line  of  the  Fitchburg 
Division  to  Winchendon,  around  and  about  are  many 
of  the  prettiest  of  New  England  towns.  Worcester, 
with  its  attractive  park  system  and  famous  Lake 
Quinsigamond,  is  worth  a  visit.  Otter  River,  Bald- 
winville  and  Royalston  give  way  to  Athol  where  the 
fast  trains  usually  stop  for  a  minute.  Nearby  are 
Lake  Pleasant,  the  summer  headquarters  of  the  Bos¬ 
ton  spiritualists,  Greenfield,  Deerfield  and  Shelburne 
Falls,  from  which  point  Ashfield  and  Coleraine  are 
accessible.  This  romantic  section  is  in  the  very 
heart  of  the  Hoosac  Mountains. 

Now  comes  the  famous  Hoosac  Tunnel,  twenty- 
four  years  in  completion.  The  ride  through  this 
long  chamber  cut  from  the  solid  rock  of  old 
Hoosac  is  one  of  the  most  unique  experiences  that 
can  be  enjoyed  by  the  patrons  of  the  Boston  and 
Maine  System.  Emerging  from  the  great  “bore” 
the  train  soon  stops  at  North  Adams,  the  “Tunnel 
City.”  From  this  point,  the  great  western  part  of  Mas¬ 
sachusetts  is  accessible  in  all  directions.  Williams- 
town,  Stanford  and  Sandawga  Springs,  reached  by 
stage,  Pownal,  Vt. ,  Hoosick  Falls,  in  New  York 
State,  Rotterdam  Junction  where  the  Fitchburg 
Division  connects  with  the  West  Shore  Railroad  and 
other  points  in  the  three  states  are  all  easily 
attained. 

Ten  thousand  sportsmen  from  outside  the  State 
fish  and  hunt  in  Maine  alone  each  year.  The  true 
sportsman  does  not  crave  the  luxuries  of  civilization 
in  the  wilderness,  but  he  does  demand  them  on  the 
train.  In  the  Boston  and  Main  train  service,  he 
assuredly  gets  all  that  money  can  purchase  in  this 
respect,  and  he  can  nowadays  travel  from  Boston 
to  the  very  shores  of  Moosehead  Lake,  330  miles 


The  Finance  and  Commerce  of  Boston  and  New  England. 


97 


distant,  with  the  same  parlor  car  luxuries  as  he  would 
enjoy  during  a  run  from  the  Hub  to  New  York  or 
Albany. 

The  opening  up  of  Washington  Country  by  the 
new  railroad  bearing  its  name  had  added  a  large 
and  attractive  territory  to  the  devotee  of  both  rod 
and  rifle. 

New  Brunswick  is  now  as  popular  in  a  way  with 
moose  and  deer  hunters  as  in  Maine  itself.  Quebec 
is  regarded  in  many  respects  as  the  real  home  and 
nursery  of  the  nobler  type  of  antler  game,  and  hun¬ 
dreds  of  sportsmen  annually  visit  it.  Nova  Scotia  in¬ 
cluding  that  part  of  it  known  as  Cape  Breton,  is 
popular  with  many  Yankee  sportsmen.  Lastly 
comes  Newfoundland,  which  has  been  opened  up  to 
the  sportsman  and  tourist.  It  is  a  fascinating  and 
almost  virgin  territory. 

Of  course,  the  State  of  Maine  is,  for  many  years 
will  continue  to  be,  the  great  objective  point  of 
most  New  England  fishermen  and  hunters.  For 
every  outsider  who  visits  the  Pine  Tree  State  to 
shoot  there  are  three  who  go  to  fish.  Yet  in 
the  line  of  game  there  is  also  every  species  that  the 
Canadian  provinces  can  boast  of.  There  is  one  part 
of  the  State  where  more  moose  are  reported  to  have 
that  local  habitation  than  in  any  similar  area  in  the 
world.  Thousands  of  deer  are  killed  every  year. 
Partridge,  woodcock,  quail,  duck,  geese,  plover  and 
snipe  abound.  Of  the  more  assertive  class  of  sports¬ 
man’s  quarry,  there  are  bears,  wolves  and  wildcats, 
and  of  other  fur  bearing  animals  mink,  muskrat, 
sable,  etc.  It’s  a  wonderful  State,  is  Maine  ! 

Boston,  Revere  Beach  and  Lynn  Railroad  Co. — 
When  the  Boston,  Revere  Beach  and  Lynn  Rail¬ 
road  was  completed  it  came  like  a  “Godsend”  to 
the  people  of  Boston,  both  in  a  business  and  pleas¬ 
ure  way.  For  five  cents  you  can  get  rapid  transit 
railroad  accommodations  from  Boston  to  Lynn,  to 
Winthrop  and  all  intermediate  stations,  and  to  Re¬ 
vere  Beach.  It  is  natural,  then,  that  everybody 
likes  and  patronizes  this  up-to-date  railroad,  which 
connects  with  first-class  ferry-boats  for  single  fare. 
Next  year  they  will  run  trains  every  ten  minutes 
from  Atlantic  avenue  station.  The  officers  are  Mel¬ 
vin  O.  Adams,  President;  John  A.  Fenno,  Superin¬ 
tendent  and  H.  L.  Hoyt,  Agent.  In  the  summer 
months  the  road  carries  enormous  crowds  to  “Re¬ 
vere  Beach,”  which  is  a  pleasure  resort  established 
and  supported  by  the  State.  Last  year  the  road 
carried  over  6,500,000  of  people,  and  it  is  estimated 
that  with  the  additional  trains  and  improved  ser¬ 
vice,  over  8,000,000  persons  will  patronize  this  road. 
Trains  will  be  run  every  ten  minutes  the  coming 
season.  On  Labor  Day  of  1901  the  number  of  peo¬ 
ple  carried  was  over  25,000.  The  people  get  the 


best  railroad  service  for  the  same  price  as  a  common 
street  car,  and  they  seem  to  appreciate  it.  The 
road  at  present  has  fourteen  locomotives,  seventy 
passenger  cars  and  three  first-class  ferry-boats  in 
service. 

New  York,  New  Haven  and  Hartford  Rail¬ 
road  Co. — Next  August  the  New  York,  New  Ha¬ 
ven  and  Hartford  Railroad  Co.  will  have  been  in 
existence  thirty  years,  during  which  time  it  and 
the  railways  which  have  become  component  parts 
of  its  present  great  system  have  had  much  to  do 
with  the  growth  and  the  enriching  of  some  of  the 
busiest  and  most  prosperous  sections  of  New  Eng¬ 
land,  and  with  the  wonderful  development  of  Bos¬ 
ton’s  importance  as  a  mercantile  centre.  From  an 
almost  local  line,  operating  in  practically  only  one 
State,  it  has  become  a  great  transporting  agent, 
operating,  besides  nearly  5,000  miles  of  tfack,  nine 
water-routes,  including  several  of  the  famous 
Long  Island  Sound  Steamer  lines  and  auxiliary 
trolley  lines. 

The  capital  of  the  New  York,  New  Haven  and 
Hartford  Railroad  Co.  is  $54,685,400  and  its  shares 
are  in  the  hands  of  some  9,600  stockholders.  Since 
its  small  beginnings  in  August,  1872,  it  has  ac¬ 
quired  by  purchase  or  by  lease  the  Old  Colony 
Railroad,  which  before  its  absorption  had  come  to 
include  the  old  Boston  and  Providence  and  the 
New  England  Railroad.  So  its  own  lines  now 
cover  the  whole  of  eastern  Massachusetts  and  the 
territory  from  Boston  to  Fishkill  and  Newburgh  on 
the  Hudson  River,  where  connection  to  the  West  is 
made  with  the  Erie  Railroad.  Perhaps  the  most 
important  short-distance  traffic  in  the  United  States 
is  that  between  Boston  and  New  York,  and  two  of 
the  three  all-rail  routes — those  via.  Willimantic 
and  New  London,  Connecticut, — are  under  control 
of  the  New  Haven  road.  The  third  passes  over 
its  tracks  between  Springfield,  Mass.,  and  New 
York. 

Although  originally  a  railroad  corporation,  the 
New  York,  New  Haven  and  Hartford  controls  and 
operates  several  very  important  water-routes.  The 
four  great  lines  of  steamers  on  Long  Island  Sound 
which  have  won  the  reputation  of  affording  the 
finest  steamboat  service  in  the  world  are  its — one 
between  New  York  and  Providence,  R.  I. ;  one  be¬ 
tween  New  York  and  Stonington,  Conn. ;  a  third, 
the  Norwich  Line,  between  New  York  and  New 
London,  Conn.,  and  the  fourth,  the  most  famous 
water-route  in  any  country,  without  doubt — be¬ 
tween  New  York  and  Fall  River,  Mass.  At  their 
New  England  termini  all  of  these  lines  are  con¬ 
nected  directly  with  Boston — and  so  with  the  whole 
East — by  rail,  the  car  service  being  of  the  most 


98 


The  Finance  and  Commerce  of  Boston  and  New  England. 


luxurious  and  perfect  kind.  In  addition  to  the 
Sound  steamers,  the  New  Haven  road  runs  boats 
between  New  York  and  New  Haven  and  New  York 
and  New  Bedford,  Mass.,  and,  over  what  is  called 
the  New  London  Line,  between  New  York  and 
New  London,  Conn.,  and  Block  Island,  R.  I. 

Such  a  tremendous  business  as  is  handled  by  this 
corporation  requires  immense  equipment  and  facili¬ 
ties,  of  course,  and  at  its  principal  terminals  in 
South  Boston,  at  Fishkill  and  on  the  Harlem  and 
East  Rivers,  New  York,  as  well  as  at  its  lesser  ter¬ 
minal  points,  it  has  enormous  freight  yards,  located 
just  away  from  the  passenger  stations  that  there 
may  be  the  least  possible  interference  between  the 
two  kinds  of  traffic  and  the  greatest  possible  con¬ 
venience  to  both  of  them.  The  requirements  at 
New  York  are  such  that  the  company  maintains  a 
line  of  car-floats  for  the  transportation  of  freight  in 
New  York  Harbor,  between  Jersey  City,  Pier  50  on 
the  East  River,  the  Harlem  River  and  Oak  Point, 
which  makes  for  speed  and  economy  in  transferring 
cars  to  and  from  both  West  and  East. 

This  is  but  one  development  growing  from  the 
progressive  and  liberal  policy  which  the  New  Ha¬ 
ven  road  has  always  pursued.  Its  rolling  stock,  its 
roadbed  and  the  safety  equipment  of  its  lines,  its 
stations — both  at  the  important  junctions  and  ter¬ 
mini  and  at  the  smaller  points  of  less  consequence 
—the  arrangement  of  its  service,  both  passenger 
and  freight,  are  as  nearly  perfection  as  ingenuity 
and  generosity  can  make  them.  Without  compul¬ 
sion,  and  for  the  welfare  of  the  passing  public  as 
much  as  for  its  own  convenience,  it  has  built  great 
viaducts  in  and  out  of  the  larger  cities  through 
which  its  trains  pass,  has  done  away  with  the 
“blind”  and  grade  crossings  which  were  former¬ 
ly  so  terrible  a  menace  to  the  general  safety  and 
has  afforded  every  protection  against  such  dangers 
as  can  be  guarded  against.  It  has  in  use  the  most 
complete  block  system  of  signals  which  experience 
and  forethought  have  devised  and  its  cars  and  loco¬ 
motives  are  provided  with  all  possible  appliances 
for  safety,  comfort  and  convenience. 

These  three  important  elements,  with  the  addi¬ 
tion  of  speed,  have  each  been  given  due  considera¬ 
tion  in  the  arrangement  of  the  New  Haven’s  time 
schedules.  Its  limited  express  service  between 
Boston  and  New  York  is  model  in  its  way;  the  fast 
trains  of  a  more  local  character  are  none  less  care¬ 
fully  equipped  nor  satisfactorily  managed ;  in  accom¬ 
modation  and  suburban  service  few  railroads  in  the 
country  can  compare  with  the  New  Haven.  In  a 
territory  so  thickly  settled  and  with  so  many  impor¬ 
tant  towns  and  cities  as  that  through  which  it  passes, 
this  means  much.  Its  trains  are  run  with  frequency, 
its  fare  charges  are  low,  and  for  “commuters  ”  are 


particularly  moderate,  and  its  schedule  is  adhered 
to  with  commendable  and  unusual  exactness  but 
with  due  regard  to  safety,  always.  The  same  is 
true  of  its  transportation  of  freight,  which  is  a  most 
important  consideration  for  a  great  shipping  centre 
for  manufactures  and  natural  products,  such  as  New 
England  is  -becoming  more  and  more  each  year. 
The  New  Haven  road  in  all  of  its  relations  with  the 
public  has  always  shown  itself  reliable,  liberal  and 
fair-minded. 

That  position  it  maintains  toward  its  employees, 
too.  The  number  of  them  in  all  the  various  depart¬ 
ments  is  close  to  30,000  and  by  their  efficiency  they 
have  had  no  small  share  in  making  the  road’s  repu¬ 
tation  as  a  desirable  and  worthy  public  servant. 
The  character  of  the  relations  between  the  corpora¬ 
tion  and  its  men  tells  in  the  freedom  which  the  road 
enjoys  from  labor  difficulties  and  from  misunder¬ 
standings  that  become  a  public  annoyance. 

The  use  of  electricity  on  some  of  the  New  Haven 
road’s  shorter  branches — that  which  runs  from  Bos¬ 
ton  to  Nantasket  Beach  and  the  one  between  Provi¬ 
dence,  Warren  and  Bristol,  for  example  -  has  been 
eminently  satisfactory  and  has  pointed  the  way  for 
anew  development  of  local  railroad  service.  Speed, 
safety  and  cleanliness  have  all  been  attained  in  the 
best  possible  proportion  and  the  company’s  progres¬ 
siveness  has  been  shown  at  every  step.  The  repu¬ 
tation  of  the  various  lines  of  steamers  is  such  as  to 
need  no  repetition  or  comment. 

Some  of  the  figures  set  forth  in  the  New  York, 
New  Haven  and  Hartford  Railroad  Co.’s  annual 
report  of  June  30  last  are  very  interesting.  They 
show  a  total  income  of  $12,646,392,  the  deductions 
from  which  leave  a  balance  applicable  to  dividends 
of  $4,658,287.  During  the  year  four  dividends 
aggregating  $4,294,738,  were  paid,  so  that  the  sur¬ 
plus  for  the  twelve  months  was  $363,549.  The  total 
gross  earnings  of  both  rail  and  water  lines  for  the 
same  time  were  $44,295,541.  The  funded  debt  was 
reduced  $300,000.  The  division  of  the  cost  of  oper¬ 
ating  a  great  railway  system  is  interesting.  The 
maintenance  of  its  way  and  structures  was  an  ex¬ 
pense  of  $5,476,464  to  the  New  Haven  in  the  year 
the  report  covers,  the  maintenance  of  equipment 
cost  $9,924,539  and  the  expense  of  conducting  trans¬ 
portation  was  $17,163,880. 

The  public  service  which  this  railroad  rendered 
from  June,  1900  to  June,  1901,  is  best  described, 
perhaps  in  the  traffic  figures  given.  They  show 
that  53,051,460  passengers  were  carried  an  average 
distance  of  not  quite  eighteen  miles;  which  is  as  if 
949,079,966  passengers  had  been  transported  a  mile 
each.  In  the  same  way,  15,436,435  tons  of  revenue¬ 
earning  freight  were  taken  over  an  average  of 
83.72  miles  a  ton,  making  the  equivalent  of  1,292,- 


The  Finance  and  Commerce  of  Boston  and  New  England. 


99 


378,364  tons  hauled  a  single  mile.  Passenger  trains 
ran  13,898,315  miles,  freight  trains  5,969,950  miles 
and  mixed  trains  239,667  miles,  which,  adding  the 
distance  covered  by  switching,  construction  and 
other  trains  makes  a  total  train  mileage  of  25,802,941. 

The  directors  of  the  New  Haven  road  are :  William 
D.  Bishop,  Bridgeport,  Conn.  ;  Joseph  Park,  New 
York;  Chauncey  M.  Depew,  New  York;  Henry  S. 
Lee,  Springfield,  Mass. ;  William  Rockefeller,  New 
York;  Leverett  Brainard,  Hartford,  Conn.;  J.  Pier- 
pont  Morgan,  New  York;  George  Macculloch  Miller, 
New  York;  John  M.  Hall,  New  Haven,  Conn.; 
Charles  F.  Choate,  Boston;  Nathaniel  Thayer,  Bos¬ 
ton;  Royal  C.  Taft,  Providence,  R.  I.;  Charles  F. 
Brooker,  Ansonia,  Conn. ;  Carlos  French  Seymour, 
Conn.;  George  J  Brush,  New  Haven;  I.  De  Ver 
Warner,  Bridgeport,  Conn.  ;  Arthur  D.  Osborne. 
New  Haven;  Frank  W.  Cheney,  South  Manchester, 
Conn.,  and  Hon.  Edwin  Milner,  Moosup,  Conn. 

Its  principal  officers  are:  John  M.  Hall,  Presi¬ 
dent;  William  D.  Bishop,  Vice-President  of  the 
Board;  W.  F.  Merrill,  First  Vice-President;  Percy 
R.  Tood,  Second  Vice-President;  William  E.  Bar¬ 
nett,  Third  Vice-President;  Fayette  S.  Curtis, 
Fourth  Vice-President;  W.  D.  Bishop,  Jr.,  Secre¬ 
tary;  Wm.  L.  Squire,  Treasurer;  H.  M.  Kocher- 
sperger,  Comptroller. 

Comfort  in  Cravel. 

NOWHERE  ELSE  ARE  THE  NECESSITIES  AND 
COMFORTS  OF  THE  SOJOURNER  SO 
WELL  LOOKED  AFTER. 

Asceticism  seems  not  to  have  been  one  of  the 
cherished  heritages  from  the  Puritans,  for  nowhere 
in  the  world  are  the  personal  necessities  and  the 
minor  comforts  of  travelers  more  carefully  or  satis¬ 
factorily  looked  after  than  in  New  England.  Its 
railroad  restaurants  are  known  all  over  the  country 
for  their  excellence,  and  the  news  service,  in  all  of  its 
branches  and  departments,  both  on  trains  and  at 
stations,  is  complete  and  efficient.  So  well  are  both 
regulated,  that  they  have  become  an  unconscious 


part  of  the  wayfarer’s  life,  most  appreciated  when 
he  goes  into  other  less  favored  regions. 

On  this  particular  side  of  railway  service  nothing 
has  been  overlooked.  The  business  was  early  of 
establishment,  and  has  always  kept  a  little  in  ad¬ 
vance  of  expressed  demand,  introducing  new  feat¬ 
ures  without  waiting  for  the  public  to  cry  for  them, 
and  in  many  cases  pointing  out  to  travelers  ways  in 
which  the  unavoidable  tedium  and  discomfort  of 
long  journeys  might  be  largely  relieved  by  furnish¬ 
ing  the  relief  in  a  complete  form  and  unobtrusive 
way. 

It  is  characteristic  of  the  people  of  this  section  of 
the  country  that  what  is  offered  them  must  be  of 
the  best  and  must  be  offered  in  the  best  way  and  at 
fair  cost.  Under  such  an  influence  the  results  which 
everybody  who  travels  in  New  England  knows  so 
well  have  come  about  and  will  be  maintained. 

The  G.  W.  Armstrong  Dining  Room  &  News 
Co. — There  is  not  a  traveler  in  New  England, 
probably,  who  has  not  owed  many  comforts  when 
away  from  home  to  The  G.  W.  Armstrong  Dining 
Room  &  News  Co.,  which  controls  and  oper¬ 
ates  the  train  and  station  news  service  and  the  sta¬ 
tion  dining  rooms  on  the  lines  of  the  Boston  & 
Maine,  Boston  &  Albany  and  Boston,  Revere  Beach 
&  Lynn  Railroads.  The  company  was  established 
in  1865  by  the  late  George  W.  Armstrong,  and  was 
one  of  the  first,  as  it  has  always  been  one  of  the 
most  efficient  and  satisfactory  institutions  of  the 
kind  in  the  country.  It  overlooks  no  necessity  nor 
convenience,  no  comfort,  nor  pleasure.  It  supplies 
the  best  of  everything.  It  is  unobtrusive  in  its 
methods,  but  without  thrusting  itself  upon  the  pub¬ 
lic  seems  always  at  hand  to  be  of  service.  Its 
organization  is  well-nigh  perfect. 

The  great  business  which  Mr.  Armstrong  built  up 
so  successfully  was  incorporated  last  May  with 
$100,000  capital.  The  President  of  the  company  is 
A.  C.  Ratshesky,  and  Edward  E.  Smith  is  its  Treas¬ 
urer  and  General  Manager.  It  employs  more  than 
250  persons,  and  has  its  main  office  at  78  Utica 
street,  Boston. 


/ 

I, 


Che  Great  Steamship  and  Sailing  Vessel  Lines 
that  Connect  the  Seaports  of  the 
(florid  with  JVew  6ngland. 

BOSTON  THE  SECOND  PORT  IN  THE  WORLD  IN  THE  COMMERCIAL  IMPOR¬ 
TANCE-SHIPPING  INTERESTS  THAT  HAVE  GROWN  TO  MAMMOTH 
PROPORTIONS  —  THE  STEADY  INCREASE  OF  EXPORTS 
AND  IMPORTS— THE  NUMBER  OF  SHIPS 

IMPROVES  EACH  YEAR. 

« 


BOSTON’S  port  is  now  second  only  to  one  in 
,  the  country  in  point  of  commercial  im- 
)  portance.  Boston  is  the  natural  distribut¬ 
ing  centre  of  New  England  and  is  the 
headquarters  of  so  many  great  importing  houses  in 
all  branches  of  trade  that  it  is  not  strange  that  its 
shipping  should  have  grown  to  such  great  propor¬ 
tions.  Time  was  when  the  port  of  Boston  was  su¬ 
preme  in  the  continent,  but  with  the  growth  of  the 
country  other  ports  developed  trade  and  for  a  time 
local  shipping  was  eclipsed.  But  during  the  past 
twenty-five  years  it  has  been  steadily  regaining 
ground  lost  in  the  middle  of  the  past  century,  and 
now  bids  fair  once  more  to  become  the  great  port 
that  it  was  of  old.  Steamship  lines  are  now  running 
from  Boston  to  nearly  every  port  in  the  world,  and 
the  exports  and  imports  of  recent  years  have  been 
steadily  increasing  in  volume  and  importance. 
Every  year  sees  an  increase  in  the  number  of  ships 
which  enter  and  clear  in  Boston  Harbor. 

Boston  the  Second  port  of 
tbe  Ornted  States. 

Boston’s  port  is  the  second  in  size  in  the  countrv 
in  point  of  commercial  importance,  therefore  its 
shipping  interests  are  so  vast  that  it  is  extremely 
difficult  to  give  even  an  outline  of  their  history  and 
present  day  standing  within  a  brief  space  A 
volume  might  well  be  filled  with  the  story  of  the 
city's  origin  and  development  into  a  great  commer¬ 
cial  centre  and  shipping  point- 


Boston  is  rightly  proud  of  her  shipping,  which 
has  had  an  immense  growth  within  the  past  quarter 
of  a  century.  It  seems  all  the  more  marvelous  when 
its  humble  origin  is  considered. 

It  was  in  1630  that  the  city  was  founded,  and 
within  a  year  from  that  date  the  pioneer  of  Boston’s 
great  shipping  fleet  was  launched  upon  the  waters 
of  the  Mystic.  The  date  of  the  launching  of  this 
vessel,  which  was  named  the  “  Blessing  of  the  Bay,” 
was  July  4.  1631. 

It  is  learned  from  the  records  that  the  ship  was 
of  30  tons,  and  built  by  Gov.  Winthrop.  When  she 
glided  from  the  stocks  to  the  water  the  history  of 
Boston’s  shipping  was  begun.  There  is  no  doubt 
that  the  venture  proved  a  success  from  the  first,  for 
it  is  recorded  that  within  a  brief  period  the  “  Re¬ 
becca,”  a  vessel  of  sixty  tons,  made  a  trip  to  Narra- 
gansett  Bay  and  brought  back  a  cargo  of  corn  which 
was  purchased  from  the  Indians.  Next  she  made  a 
voyage  to  Bermuda  and  returned  with  a  cargo  of 
limes,  oranges  and  potatoes.  In  1641  commerce  was 
begun  with  the  Isle  of  Sable  which  supplied  the  early 
settlers  with  walrus  teeth  and  oil. 

The  year  following  considerable  trade  with  Eng¬ 
land  was  carried  on,  pipes  staves  and  produce  being 
brought  back  in  some  quantities.  During  the  year 
1642  ten  ships  sailed  for  the  ports  of  the  mother 
country.  In  the  same  year  a  cargo  of  wine  and 
sugar  was  imported  from  Madeira.  The  Trial  sailed 
from  Boston  in  1643,  for  Fayal,  laden  with  pipes 
staves  and  codfish  and  bringing  back  cotton,  sugar 
and  wine.  As  Boston  began  her  manufactures  in 
1 644  that  year  was  one  of  great  progress.  Her  coast- 


The  Finance  and  Commerce  of  Boston  and  New  England. 


lot 


wise  trade  was  extended  and  many  raw  materials 
were  imported  from  Barbadoes. 

After  commercial  relations  were  established  with 
the  Dutch  in  New 
Y ork  and  Delaware, 
the  Trial  made  her 
first  voyage  to  Spain 
in  1645  and  on  her 
return  was  accom¬ 
panied  by  eleven 
ships  from  England 
with  cargoes  of  lin¬ 
en,  woolen  goods, 
shoes,  wheat,  rye 
and  pease.  In  the 
same  year  the  ex¬ 
port  of  cereals  was 
begun  and  vessels 
with  greater  ton¬ 
nage  were  intro¬ 
duced.  One  of  these 
was  the  Scaforth,  of 
400  t-ons.  It  was  at 
this  time  that  Eng¬ 
land  made  an  at¬ 
tempt  to  curtail  the 
commerce  with  the 
colonies,  but  this 
effort  was  success¬ 
fully  combated  by 
Boston’s  mer¬ 
chants,  who  were 
even  then  remark¬ 
able  for  their  perse¬ 
verance,  and  the 
city’s  foreign  trade 
was  constantly  ex¬ 
tended  and  by  the 
end  of  the  seven¬ 
teenth  century  con¬ 
siderable  commerce 
was  carried  on  with 
Virginia,  the  West 
Indies,  Great  Brit¬ 
ain,  Portugal,  Spain 
and  Maderia,  the 
imports  being 
fruits,  wines  and 
manufactured 
goods. 

Docks  and 
wharves  were  con- 
structed,  Long- 
Wharf  being  the 


OLD  NORTH  CHURCH. 

The  original  building ,  reproduced  in  the  present  structure ,  was  the 
church  of  the  Mathers — Samuel ,  Increase ,  Cotton  and  Samuel ,  the 
son  of  Cotton.  This  is  the  church  which  the  British  troops  tore  down 
and  used  for  firewood  one  hundred  years  later  during  the  siege. 
Story  has  it,  though  history  does  not  verify  it,  that  it  was  in  the  tower 
of  the  North  Church  that  the  lanterns  which  warned  Paul  Revere 
were  hung. 


recorded  that  by  1740  forty  vessels  were  on  the 
stocks  at  one  time,  with  an  average  of  7,000  tons, 
There  seems  to  have  been  a  temporary  check  to  the 

city’s  trade  shortly 
after  that  time,  as 
well  as  at  the  close 
of  the  Revolution. 
The  sea  otter  fish¬ 
eries  gave  a  fresh 
impetus  to  Boston’s 
commerce  and  her 
ships  were  soon 
making  long  voy¬ 
ages,  which  includ¬ 
ed  Oregon,  China, 
V  a  1  p  a  r  a  s  i  o  an  d 
England.  In  1790, 
455  vessels  entered 
Boston  Harbor 
from  abroad  and 
1,200  coastwise 
craft  entered  the 
port  in  that  year. 
It  seems  incredible, 
but  it  is  true,  that 
in  one  day  in  1791 
seventy  vessels 
cleared  Boston  Har¬ 
bor,  bound  for  all 
parts  of  the  world. 

The  wars  of  Na¬ 
poleon  seriously 
disturbed  the  mari¬ 
time  commerce  of 
the  New  World  and 
Boston’s  port  suf¬ 
fered,  but  at  the 
conclusion  of  the 
wars  trade  was  re¬ 
sumed  and  soon  be¬ 
came  extraordinar¬ 
ily  active.  During 
the  period  between 
1820  and  1840  Bos¬ 
ton’s  commerce  by 
sea  was  probably 
proportionally  the 
greatest  in  her  his¬ 
tory,  and  by  18-40 
her  packet  and  clip¬ 
per  service  was  ac¬ 
knowledged  to  be 
the  best  in  the 
world.  From  1838 


first  (1710),  and  extending  1,800  feet  into  the  sea  to  1846  the  Sirius  and  Great  Eastern  plied  between 
and  containing  seventy-six  warehouses.  It  is  Boston  and  Great  Britain.  In  1840  postal  steam 


4 


102 


The  Finance  and  Commerce  of  Boston  and  New  England. 


communication  was  established  between  this  coun¬ 
try  and  Great  Britain. 

After  1848  other  ports  in  the  New  World  began  to 
increase  in  importance,  and  from  that  time  foreign 
commerce  with  America  was  divided,  the  period 
between  i860  and  1870  being  a  particularly  dull  time 
for  Boston. 

But  Boston’s  shipping  was  only  temporarily  eclip¬ 
sed,  for  in  1870  the  value  of  the  cotton  exports  was 
$135,000,  which  in  1880  rose  to  $7,500,000.  In  1871 
there  were  126  steamship  entries  with  tonnage  of 
184,798,  and  68  clearances  with  tonnage  of  49,789 
in  the  port  of  Boston.  In  1885  there  were  522 
steamship  entries  with  tonnage  of  740,924,  and  438 
clearances  with  tonnage  of  622,736  in  the  port  of 
Boston.  In  the  year  1886  the  entries  were  555  Amer¬ 
ican  vessels  of  all  classes,  with  aggregate  tonnage 
of  254,697,  and  2,092  foreign  vessels  with  tonnage 
of  1,003,827.  The  clearances  for  that  year  were: 
American,  617  vessels,  with  tonnage  of  262, 3 17, and 
1,967  foreign  vessels  with  tonnage  of  824,368. 

The  authentic  records  of  the  Boston  Chamber  of 
Commerce,  in  regard  to  shipping  date  from  i860, 
when  New  Orleans  as  the  port  of  the  South  took 
the  position  next  to  New  York  in  importance.  At 
that  time  Boston’s  trade  totalized  $54,534,575 
annually. 

The  quinquennial  reports  show  that,  with  the  ex¬ 
ception  of  the  period  of  the  war,  when  every  port 
suffered  in  like  manner,  Boston  has  shown  steady 
progress.  In  1880  she  took  second  place,  and  every 
year  since  her  hold  on  that  position  has  grown 
stronger.  So  vigorous  and  stable  has  the  growth 
been  that  her  figures  for  1895  show  an  increase  of 
i$l8>315)7°4  over  those  for  1890,  although  each  of  the 
five  other  large  ports,  New  York  included,  suffered 
a  considerable  falling  off.  The  growth  has  been 
as  follows:  i860,  $54,534,575!  1870,  $61,661,274; 
1880,  $127,741,477;  1890,  $134,078,610;  1895,  $152,- 
394, 3M!  19°°,  $192,608,536. 

A  decrease  in  exports  in  1900,  due  to  a  scarcity  of 
ocean  tonnage,  was  so  far  offset  by  an  increase  in 
imports  that  a  net  gain  of  $2,093,403  over  1899 
resulted.  But  to  the  direct  foreign  trade  should  be 
added  the  “intransit  and  transshipment”  trade 
which  passed  through  this  port  during  the  year, 
amounting  to  $10,226,099,  giving  a  total  of  $202,- 
834,635.  This  does  not  include  $2,091,403  in  mer¬ 
chandise  received  at  Boston  and  forwarded  to  inter¬ 
ior  points  without  appraisement. 

The  exports  of  iron  and  steel  and  manufactures 
increased,  in  1900,  30  per  cent,  over  1899,  and  of 
cotton  and  manufactures  100  per  cent.  The  imports 
of  iron  and  steel  and  manufactures  increased  simil¬ 
arly  50  per  cent.,  and  of  wool  100  per  cent.  Boston 
leads  the  rest  of  the  country  in  the  shipment  of  live 


cattle,  1 12,868  head  having  been  exported  in  1900. 
This  pre-eminence  is  due  to  the  lower  percentage  of 
loss  on  shipboard  of  animals  sent  from  Boston — .145 
per  cent,  of  cattle  against  .24  per  cent,  from  all 
United  States  ports.  The  loss  of  sheep  is  but  .282 
per  cent,  from  Boston  as  compared  with  .  7 1  per 
cent,  from  all  other  ports. 

The  arrivals  of  vessels  in  the  coast-wise  trade 
show  a  continual  and  satisfactory  increase.  This 
important  factor  is  another  of  Boston’s  strongholds. 
She  is  credited  with  10,436  arrivals  representing  a 
tonnage  of  8,244,860,  or  a  total  tonnage  in  and  out 
of  16,489,720.  Her  closest  competitor  is  New  York, 
with  9,016  arrivals  and  an  estimated  tonnage  of 
7, 122,640,  or  a  total  tonnage  in  and  out  of  14,245,- 
280. 

It  is  interesting  to  note  the  number  and  variety 
of  craft  that  entered  and  cleared  in  Boston  Harbor 
during  the  year  1901.  According  to  the  records  of 
the  Custom  House  there  were  219  American  vessels 
of  all  sorts,  and  1,604  foreign  that  entered  the  har¬ 
bor  during  the  year.  Of  the  American  craft  134 
were  steamships  with  an  aggregate  tonnage  of  170,- 
680.  The  number  of  foreign  steamships  to  enter 
was  940,  with  a  total  tonnage  of  2,175,835.  The 
next  in  order  were  schooners  of  which  59  were  Amer¬ 
ican  with  tonnage  of  19,564,  and  631  foreign  with 
tonnage  of  2,175,835.  The  other  ships  to  enter 
were  as  follows:  Barques,  American  23,  tonnage 
17,150;  foreign  17,  tonnage  15,683;  brigs,  American 
3,  tonnage  1,003;  foreign  13,  tonnage  2,297;  ships, 
American  none,  foreign  3,  tonnage  4,618. 

The  vessels  that  cleared  during  the  year  1901  were 
as  follows:  Steamships,  American  135,  tonnage  164,- 
550 ;  foreign  866, tonnage  1,904,089  ;  schooners,  Amer¬ 
ican  143,  tonnage  51,206;  foreign  601,  tonnage 
61,743;  barques,  American  18,  tonnage  12,925;  for¬ 
eign  12,  tonnage  9,087;  brigs,  American  6,  tonnage 
2,091;  foreign  12,  tonnage  2,166;  total  American 
302,  tonnage  230,7723  foreign  1,433,  tonnage, 
I>979>914- 

But  the  above  figures  do  not  represent  the  actual 
number  of  vessels  to  enter  and  clear  Boston  Harbor 
during  the  year  1901.  Vessels  which  first  touched 
at  some  other  port  and  then  came  to  Boston  were 
not  included  in  the  above  lists.  The  actual  arrivals 
and  clearances  for  the  year  1901  were  as  follows: 
Arrivals,  coastwise,  10,415,  with  gross  tonnage  of 
8,724,118;  foreign,  1,957;  total,  12,372;  from  South¬ 
ern  ports,  6,280,  with  tonnage  of  6, 1 15,381 ,  from 
Eastern  ports,  1,218,  with  tonnage  of  2,608,737. 
Clearances,  coastwise,  2,141;  foreign,  1,824;  total, 
3, 965- 

Steamships  sailing  to  foreign  ports  were  as  fol¬ 
lows:  Liverpool,  172;  London,  70;  Glasgow,  24; 
Hull,  18;  Bristol,  14;  Antwerp,  via  Baltimore,  19; 


The  Finance  and  Commerce  of  Boston  and  New  England 

o 


103 


Rotterdam,  23;  Hamburg,  15;  Havana,  via  Phila¬ 
delphia  and  Baltimore,  8;  Copenhagen,  17;  other 
ports,  1 1 ;  total,  391. 

Dominion  Line — Richards,  Mills  &  Co. — The 
well-known  Dominion  Line,  the  fast  twin  screw  ser¬ 
vice  from  Boston  to  Liverpool,  via.  Queenstown, 
and  to  all  the  principal  ports  of  the  Mediterranean, 
is  represented  in  the  City  of  Boston  by  the  firm  of 
Richards,  Mills  &  Co.,  with  headquarters  at  the 
company’s  office  at  No.  77  State  street. 

The  Dominion  Line  steamers  are  notable  among 
the  ships  that  sail  from  this  port.  Among  them  are 
the  New  England,  the  Commonwealth,  Merion  and 
Haverford.  For  both  freight  and  passenger  serv¬ 
ice,  the  rates  are  reasonable. 


One  of  the  magnificent  twin-screw  steamships  of  the 
Dominion  Lines ,  British  and  Mediterranea7i  services. 

The  Mediterranean  service  of  the  Dominion  Line 
is  most  popular,  as  it  carries  passengers  to  ports  of 
Gibraltar^  Naples,  Genoa,  Alexandria,  Egypt. 

The  new  steamer  Alexandrian  will  shortly  be 
added  to  the  fleet  of  the  Dominion  Line  in  conjunc¬ 
tion  with  the  Cambroman  to  keep  up  the  Mediter¬ 
ranean  service. 

With  the  addition  of  the  Alexandrian,  the  com¬ 
pleteness  of  the  Mediterranean  service  is  assured. 

The  other  four  steamers  will  sail  regularly  on 
Saturdays  for  Liverpool. 

The  Dominion  Line  also  sails  from  Portland,  Me., 
to  Liverpool,  and  from  Montreal  and  Quebec. 

Passengers  disembarking  at  Queenstown  are 
landed  at  the  railroad  terminal  for  all  points  in  Ire¬ 
land.  From  Queenstown  the  steamers  proceed  di¬ 


rect  to  Liverpool,  where  they  meet  a  special  train 
for  London. 

Passengers  leaving  United  States  and  Canadian 
ports  for  London  and  the  Continent  will  find  this 
service  of  great  convenience. 

Furness,  Withy  &  Co.,  Ltd. — The  well-known 
firm  of  Furness,  Withy  &  Co.,  Ltd.,  shipbuilders 
and  owners,  was  incorporated  in  1890.  The  capital 
is  $5,000,000,  with  a  reserve  fund  of  over  $2,000,000. 
The  headquarters  are  in  West  Hartlepool  and  Lon¬ 
don,  with  branch  houses  in  Boston,  New  York, 
Newport  News,  New  Castle,  Eng.,  Montreal,  Hali¬ 
fax,  St.  John,  etc.  Sir  Christopher  Furness,  the 
head  of  the  firm,  is  one  of  the  best  known  financiers 
in  England.  The  company  owns  a  large  number  of 
steamships,  that  are  among  the  “finest  craft  that 
float,”  and  the  service  is  unexcelled  between  the 
seaports  of  Europe,  the  United  States  and  Canada, 
where  the  company  has  connections,  to  which  points 
though  bookings  are  make.  The  vessels  of  the 
Furness- Withy  Co.  are  fitted  up  in  the  most  luxuri¬ 
ous  style,  with  all  modern  conveniences  for  the 
comfort  of  passengers.  The  saloon  and  state-rooms 
are  airy  and  well  ventilated. 

The  steamers  have  a  handsome  ladies’  music  room, 
and  gentleman’s  smoking  room,  all  of  which  are 
lighted  by  electricity,  and  fitted  with  electric  bells. 
They  carry  Doctor,  Stewardess  and  a  good  staff  of 
stewards. 

The  vessels  are  fitted  with  bilge  keels,  so  that  the 
rolling  motion  which  is  so  disagreeable  at  sea  is  re¬ 
duced  to  a  minimum. 

Excellent  accommodation  is  provided  for  Second- 
class  passengers.  The  Boston  offices  are  located 
at  85  Water  street. 

John  G.  Hall  &  Co. — The  firm  of  John  G.  Hall 
&  Co.,  1 14  State  street,  ship  and  steamship  brokers 
and  commission  merchants,  was  established  in  1842, 
under  the  firm  name  of  Ladd  &  Hall.  The  present 
name  was  adopted  in  1865.  Since  the  death  of  Mr. 
Hall,  in  1881,  the  business  has  been  carried  on  by 
his  sons,  Herbert  C.  and  Irving  G.  Hall.  In  1897 
the  firm  became  agents  of  the  well-known  Elder- 
Dempster  Line.  Originally  the  business  of  this  old 
and  reliable  form  was  done  almost  entirely  with  the 
Provinces  of  Nova  Scotia  and  New  Brunswick. 
The  firm  was  also  agents  for  many  ships  owned  in 
the  provinces. 

Fred’k  Leyland  &  Co. — Fred’k  Leyland  &  Co. 
(1900)  Ltd.,  steamship  owners,  is  generally  known  as 
“  The  Leyland  Line,”  the  head  office  of  which  is  in 
Liverpool,  England,  with  branches  in  Boston,  New 
York,  New  Orleans,  Montreal  and  Quebec.  Regu¬ 
lar  sailings  for  both  passengers  and  freight  are 


104 


The  Finance  and  Commerce  of  Boston  and  New  England. 


made  between  Liverpool  and  Boston,  Liverpool  and 
New  York,  Liverpool  and  New  Orleans  and  West 
Indies,  London  and  New  Orleans,  London  and 
Boston,  London  and  Quebec.  The  particular  ad¬ 
dresses  are  as  follows:  London  England,  38  Lead- 
enhall  street;  Liverpool,  27  St.  James  street; 
Boston,  92  State  street;  New  York,  24  State  street; 
Montreal,  11  St.  Sacrament  street;  Quebec,  81  St. 
Peter  street  ;•  New  Orleans,  Cotton  Exchange  Build¬ 
ing.  Messrs.  F.  O.  Houghton  &  Co.  are  the  pas¬ 
senger  agents  in  Boston,  with  headquarters  at  115 
State  street,  in  the  heart  of  the  business  district  and 
convenient  to  all  the  leading  hotels. 

“The  Leyland  Line  ”  owns  over  50  steamships, 
and  with  the  steamers  now  building  and  lines 
recently  acquired  the  company  has  one  of  the  most 
extensive  businesses  of  the  kind  in  the  public  ser¬ 
vice.  All  steamers  are  admirably  equipped  for  the 
general  comfort  and  accommodation  of  the  com¬ 
pany’s  patrons.  Their  new  and  immense  steam¬ 
ships  are  among  the  finest  sailing  from  Boston. 
The  staterooms  are  large,  commodious  and  have  the 
best  of  ventilation. 

One  of  their  more  recent  acquisitions  to  the  ser¬ 
vice  is  the  steamship  “Devomain,”  which  is  of 
11,000  tons  gross  and  is  the  largest  single  screw 
steamer  in  the  world.  Among  others  are  the  Wini- 
fredian,  10,500  tons;  Bohemian,  9,500;  Armenian, 
Certrian  and  Victorian,  of  9,000  tons,  and  Lan¬ 
castrian,  6,000  tons.  The  sign  of  the  solid  red  flag, 
which  is  the  flag  of  “The  Leyland  Line,”  is  a 
familiar  one  to  ocean  travelers.  The  service  is  the 


best  and  rates  are  very  reasonable  on  “The  Ley- 
land  Line.” 

Patterson,  Wylde  &  Co. — There  is  no  more  im¬ 
portant  element  in  commercial  success  than  the 
shipping  agent,  and  in  these  days  of  foreign  trade 
expansion  the  steamship  agents  and  brokers  play  a 
most  important  part.  It  is  to  enterprising,  active 
concerns  of  this  kind,  such  as  Messrs.  Patterson, 
Wylde  &  Co.,  of  102  and  104  Chamber  of  Com¬ 
merce,  Boston,  that  many  of  the  opportunities  of 
getting  into  the  foreign  markets  economically, 
promptly  and  efficiently  are  to  be  credited. 

The  first  day  of  the  new  century  saw  the  launch¬ 
ing  of  Patterson,  Wylde  &  Co.  as  a  firm,  though 
both  partners  had  had  many  years  of  experience  in 
their  line  of  business.  They  took  over  then  the 
business  of  William  Johnston  &  Co.,  Ltd.,  who  had 
been  in  Boston  since  1889.  Mr.  Charles  Campbell 
Patterson,  of  the  new  firm,  was  manager  for  Messrs. 
Johnston  &  Co.  from  1889  to  1894  and  Mr.  John 
Wylde,  his  present  partner,  held  the  same  position 
from  1895  to  1901. 

Messrs.  Patterson,  Wylde  &  Co.  are  agents  for 
Messrs.  Johnston  &  Co.’s  business  and  also  for  the 
Hamburg  American  Line,  which  is  doing  a  large 
and  increasing  business  between  thi-s  point  and 
Hamburg,  Germany.  They  load  every  month  two 
steamers  o:  about  7,000  tons  burden  which  sail  di¬ 
rectly  to  Hamburg.  They  also  send  an  occasional 
Hamburg  American  liner  to  Emben,  Germany. 


General  Blectrical  Hdvance,  and  the  Remark¬ 
able  Improvements  ^drought  by  Glect- 
rlcal  Gngmeers  and  Skilled 

jMecbamcs. 

THE  STATES  OF  THE  MAYFLOWER'S  LANDING  TURNS  OUT  VAST  NUMBERS 
OF  EXPERTS  IN  THIS  SCIENCE-BOSTON  THE  HEADQUARTERS  OF  MANY, 
AND  THE  CITY'S  PLANTS  CONCEDED  TO  BE  THE  BEST— EXPERT 
ELECTRICAL  AND  SUPERIOR  MECHANICAL  GENIUS. 

* 


natural  law  of  sequence  decreed  that 
»  New  England,  and  particularly  Boston, 
]WJ  should  occupy  a  place  in  the  very  front 
- — ^  rank  in  the  march  of  electrical  achieve¬ 
ment.  Boston  is  the  home  of  great  technical  insti¬ 
tutions,  and  has  turned  out  an  army  of  men  who  are 
working  in  the  electrical  field  to-day.  This  city  is 
also  the  headquarters  of  many  great  electrical  ex¬ 
perts,  and  their  knowledge  and  practical  experience 
is  demonstrated  by  Boston’s  electric  lighting  plants, 
universally  conceded  to  be  the  best  in  the  world, 
and  other  admirable  electrical  systems. 

In  the  same  line  comes  electrical  machinery. 
Expert  electrical  training  and  superior  mechanical 
genius  have  combined  to  produce  in  this  State  elec¬ 
trical  machinery  which  is  not  only  adequate  to  the 
needs  of  the  rapidly  developing  science  of  electric¬ 
ity,  but  is  the  equal  if  not  the  superior  of  any  ma¬ 
chinery  of  its  kind  in  the  world.  One  hears  repeat¬ 
edly  that  electricity  is  yet  in  its  infancy,  but  when 
one  looks  about  and  witnesses  the  achievements  of 
the  electrical  engineers  and  sees  the  mechanical 
wonders  which  their  work  has  made  possible,  it 
almost  seems  as  though  the  limit  had  been  reached. 
But  they  say  they  will  do  much  more. 

By  Olcctriclty. 

BOSTON  FURNISHED  WITH  LIGHT,  HEAT 
AND  POWER. 

Nature’s  greatest  force,  electricity,  has  been 
brought  to  its  highest  state  of  usefulness  in  Boston. 
Not  content  with  simply  keeping  abreast  of  what 


has  been  done  in  other  places,  the  companies  which 
furnish  the  inhabitants  of  this  city  with  the  “  force 
of  modern  magic,”  as  it  has  been  called,  have  built 
the  finest  plants  in  the  world,  have  employed  the 
newest  devices  and  adopted  the  best  regulated  and 
most  satisfactory  system  of  public  service  to  be 
found  anywhere.  And  their  growth  has  been 
according  to  their  merits — healthy,  constant,  lasting. 

For  many  years  Boston  has  been  looked  upon  as 
the  best  lighted  city  in  the  world.  That  is,  in 
itself,  saying  much  for  the  electric  light  companies, 
for  the  municipality  covers  a  very  large  area — 35 
square  miles,  or  thereabouts — and  many  of  the 
streets  in  the  older  section  are  narrow,  crooked  and 
difficult  to  illuminate.  The  reputation  extends 
beyond  street  lighting,  though,  for  there  are  few 
places  where  arc  and  incandescent  lamps  are  in 
such  general  “commercial”  use  as  they  are  in 
Boston.  Besides  the  important  service  of  lighting 
the  city,  electricity  is  furnishing  heat  and  power 
more  extensively  every  year,  and  the  wonderful 
progress  in  the  various  applications  of  its  mysterious 
energy  has  developed  an  enormous  business  in  an 
almost  unbelievably  short  space  of  time. 

It  is  less  than  twenty  years  since  electric  lighting 
came  into  general  use.  Boston  was  among  the  first 
cities  to  take  it  up,  and  her  peculiarly  advantageous 
position  in  electrical  engineering,  and  in  what  is 
best  described  as  the  expansion  of  the  whole  science 
of  electricity,  has  kept  her  far  forward  in  the  pro¬ 
cession  of  modern  advancement.  What  were  mod¬ 
est  innovations  seventeen  or  eighteen  years  ago  are 
now  great  plants,  which  have  cost  millions  of  dollars 


io6 


The  Finance  and  Commerce  of  Boston  and  New  England. 


and  are  doing  millions  of  dollars’  worth  of  work. 
Every  year  has  seen  the  extent  of  their  usefiilness 
increased,  their  business  multiplied  and  their  plans 
broadened.  Their  prosperity  is  built  upon  the 
excellence  of  their  accomplishment. 

Nearly  nine  million  dollars  is  invested  in  the  two 
great  corporations  which  supply  Boston  with  most 
of  its  electricity,  and  their  combined  yearly  income 
is,  in  the  gross,  in  excess  of  two  and  a  quarter  mil¬ 
lions.  Their  plants  alone  have  an  assessed  valuation 
of  six  and  a  half 
millions  or  more, 
and  they  are  being 
constantly  added 
to.  They  have  a 
combined  dynamo 
capacity  of  275,340 
lamps  of  2,000  and 
1 6  candle  power,  and 
are  furnishing  pow¬ 
er  for  between  three 
and  four  thousand 
motors  requiring 
upward  of  14,000 
horse-power  alto¬ 
gether.  Close  to 
3,000  ‘‘public” 
lamps  and  more 
than  4,000  “com¬ 
mercial”  lights  are 
supplied  with  illum- 
inant  regularly. 

The  central  pow¬ 
er  station  which 
generates  the  cur¬ 
rent  for  practically 
all  of  the  street 
lights  and  for  many 
of  the  others  is  con¬ 
sidered  the  finest 
establishment  of 
the  kind  in  the 
world.  When  it 

was  built,  two  or  three  years  ago,  it  took  the  place  of 
what  was  at  the  time  considered  a  large  and  well- 
equipped  plant  which  had  long  been  overtaxed  to 
keep  up  with  the  increased  requirements  it  had  to 
meet.  Every  improvement  which  was  known  to 
electrical  science  was  embodied  in  this  model  sta. 
tion,  and  many  contrivances  for  safety,  convenience 
and  better  service  were  invented  and  first  con¬ 
structed  to  make  it  complete. 

Almost  the  same  may  be  said  of  the  newer  sta¬ 
tions  of  the  other  great  electric  company.  Beside 
the  three  plants  where  light  and  power  are  gene¬ 
rated  it  has  a  like  number  of  “  battery  plants  ”  in 


BOSTON  ART  CLUB. 

This  organization  was  founded  in  1834,  and  was  reorganized 
on  its  present  basis  in  1870.  Its  regular  exhibitions  are  prominent 
features  of  the  art  year  of  Boston.  Its  social  side  is  by  no  means 
subordinated  to  its  devotion  to  Art. 


auxiliary  stations  which  not  only  serve  as  reserves 
in  case  of  accident,  but  help  to  relieve  the  load  put 
upon  the  main  establishments  and  to  economize  to 
the  utmost  loss  by  transmission  of  the  current  over 
long  distances.'-  These  sub-stations  have  proved  of 
great  value  in  the  outlying  districts  of  the  city,  and 
have  been  so  arranged  that  the  present  facilities 
should  be  able  to  handle  any  normal  growth  in  the 
company’s  business  for  some  time  to  come. 

Several  years  ago  it  was  provided  that  all  elec¬ 
trical  wires  in  cer¬ 
tain  districts  of  the 
City  of  Bos  to  n 
should  be  laid  in 
conduits  under¬ 
neath  the  pave¬ 
ment.  Then  the 
area  which  the  com¬ 
panies  covered  was 
somewhat  con¬ 
stricted  and  the  un¬ 
derground  wiring 
was  put  in  without 
much  inconve¬ 
nience  or  disturb¬ 
ance.  With  a  fore¬ 
sight  which  is  too 
often  lacking  in 
such  matters,  the 
possible  future  de¬ 
mands  upon  the 
conduits  were  con¬ 
sidered  then,  and 
there  has  resulted 
a  happy  immunity 
from  obstructed 
streets  and  gaping 
excavations,  while 
the  service  has 
grown  to  many 
times  its  original 
proportions.  As 
new  circuits  were 
added  in  thoroughfares  which  had  before  been  with¬ 
out  electric  wires,  conduits  were  built  for  them,  so 
that  now  there  are  no  overhead  lines,  practically 
speaking,  yet  no  section  of  the  city  need  go  with¬ 
out  electricity. 

Some  of  the  figures  in  the  last  report  of  the  Gas 
and  Electric  Light  Commissioners  give  an  idea  of 
the  remarkable  extent  to  which  Boston  is  supplied 
with  electricity.  The  two  principal  companies  have 
a  total  of  more  than  1,900  miles  of  wires,  of  which 
length  one-half  or  thereabouts  is  stretched  in  the 
140  miles  of  conduits  beneath  the  city’s  streets. 
Neither  is  reported  as  having  any  wires  on  poles 


The  Finance  and  Commerce  of  Boston  and  New  England. 


107 


above  the  ground.  The  advantages  which  led  to 
the  installation  of  conduit  system  are,  of  course, 
familiar  by  reason  of  frequent  repetition.  They 
have  been  especially  apparent  in  the  light  of  the 
fact  that  no  storm,  however  severe,  has  ever  inter¬ 
fered  with  the  city  wires,  even  momentarily,  since 
the  plan  was  adopted,  and  the  danger  of  accident 
from  disarrangement  or  broken  wires  has  been  re¬ 
duced  to  practically  nothing. 

In  every  respect  the  equipment  of  these  great  com¬ 
panies  has  been  kept  up  to  the  highest  possible  stand¬ 
ard.  New  models  of  lamps. have  been  introduced 
as  soon  as  they  have  shown  advantages  over  old  ones, 
every  mechanism  which  would  insure  steadiness  of 
.light  and  uniformity  of  current  has  been  adopted,  and 
the  consumers’  convenience  and  advantage  have 
never  been  neglected  on  any  pretext.  The  com¬ 
panies  decline  to  furnish  a  current  for  any  purpose 
in  a  building,  the  wiring  of  which  is  not  in  accord¬ 
ance  with  the  standard  established  by  the  fire  under¬ 
writers. 

The  next  service  to  be  taken  up  after  lighting 
was  power.  Very  limited  in  its  field  at  first,  this 
has  come  to  be  an  important  item  in  the  business  of 
supplying  electricity  and  one  which  is  growing 
rapidly.  Many  elevators  in  buildings  where  the 
necessary  plant  for  other  means  of  operation  is,  for 
one  reason  or  another,  undesirable,  are  run  by  elec¬ 
tricity  now,  and  a  great  many  of  the  smaller  manu¬ 
facturing  establishments  receive  all  the  power  for 
moving  their  machinery  on  the  wires  of  the  electric 
light  companies.  The  most  modern  plants  of  larger 
size  are  now  fitted  with  an  individual  motor  for  each 
machine  to  avoid  the  disadvantages  of  shafting  on 
some  premises  and  in  some  circumstances,  and  they 
are  supplied  with  power  in  the  same  way.  The 
minor  uses  to  which  the  lighting  company’s  currents 
are  put  by  the  professions  are  almost  innumerable 
in  this  day  of  electrical  instruments  and  mechanisms. 

The  most  recent  invasion  of  electricity  is  into 
the  field  of  heating.  It  has,  for  some  time,  been 
used  to  warm  public  conveyances,  which  were  run 
by  motors,  of  course,  but  its  introduction  into  the 
home  and  into  buildings  of  every  kind,  in  fact,  as  a 
substitute  for  fuel  of  one  sort  and  another,  has  come 
about  lately.  The  possibilities  for  extending  this 
side  of  its  work  are  seemingly  unbounded.  Heaters 
were  the  first  innovation,  and  they  have  undergone 
the  same  marvelously  rapid  improvement  that  all 
electrical  devices  have  in  the  last  few  years  until 
now  they  are  recognized  as  having  reached  an 
eminently  satisfactory  state,  where  they  perform 
their  function  efficiently  and  with  great  convenience 
and  not  too  great  expense. 

Not  the  least  interesting  or  useful  purpose  to 
which  electricity  is  now  put  is  the  supplying  of  heat 


for  cooking.  This  is  its  newest  field  of  operation 
and  its  cultivation  has  called  forth  great  ingenuity 
and  skill.  All  manner  of  “  hot  plates  ”  and  ranges 
have  been  put  upon  the  market,  and  they  have  been 
well  received  and  have  proved  their  worth  now  by 
the  test  of  constant  use.  The  advantages  of  ease 
of  operation  and  of  cleanliness  and  safety  are  claimed 
for  them  and  have  won  them  considerable  popu¬ 
larity  where  they  are  known.  Although  a  dis¬ 
tinctly  new  idea,  they  have  made  their  way  fast  and 
their  scope  is  being  widened  and  their  working  per¬ 
fected  more  and  more  all  the  time. 

A  feature  of  the  service  which  the  Boston  Electric 
Companies  give  is  that  the  same  current  may  be 
used  for  any  purpose.  That  is  to  say,  wires  origi¬ 
nally  installed  for  lamp  connections  are  capable  of 
supplying  sufficient  electricity  for  power  for  heat¬ 
ing  or  for  cooking,  and  the  change  from  one  use  to 
the  other  can  be  made  easily  and  quickly.  On  the 
whole,  no  city  is  better  served  by  its  electric  com¬ 
panies  than  is  Boston. 

The  Boston  Electric  Light  Co. — The  manu¬ 
facture  and  sale  of  electric  current  for  light,  heat 
and  power  is  an  important,  though  modern  industry. 
Electricity  enters  into  almost  every  other  industry 
in  one  form  or  another,  and  has  become  so  essential 
in  the  various  departments  of  life  that  the  State  has 
come  to  regard  these  concerns  which  supply  elec¬ 
tricity  as  quasi-public  corporations.  One  of  the 
greatest  of  these  corporations  is  The  Boston  Electric 
Light  Co.,  which  was  established  in  1888.  This 
company  is  capitalized  at  $3,000,000  and  conducts  a 
business  which  requires  the  employment  of  235 
regular  men,  besides  100  street  laborers.  It  sup¬ 
plies  from  its  stations,  currents  for  the  illumination 
of  a  great  many  private  concerns  and  business 
enterprises  in  Boston,  besides  furnishing  electricity 
for  power  and  heating  purposes. 

The  officers  of  The  Boston  Electric  Light  Co.  are : 
President,  E.  B.  Maltby;  Vice-President,  I.  T. 
Burr;  Treasurer,  S.  S.  Sias;  General  Manager,  Sid¬ 
ney  Hosmer;  Auditor,  L.  M.  Wallace;  Directors, 
E.  B.  Maltby,  I.  T.  Burr,  S.  S.  Sias,  E.  Henry 
Barnes,  W.  M.  Butterfield,  C.  L.  Lovering,  Chas. 
Lowell,  E.  W.  Burdett  and  W.  A.  Paine. 

The  main  office  of  the  company  is  in  the  Ames 
Building,  Boston,  Mass.  Its  operating  offices  are 
at  No.  50  Ferdinand  street,  Boston,  and  it  has  sta¬ 
tions  at  the  corner  of  L.  and  E.  First  streets,  South 
Boston,  and  on  Condon  street,  East  Boston. 

The  Edison  Electric  Illuminating  Co. — The 
Edison  Electric  Illuminating  Co.,  of  Boston,  was 
organized  December  26,  1885,  with  a  capital  stock 
of  $100,000,  which  included  the  payment  of  $35,000 
to  the  Edison  Electric  Light  Co.,  the  parent  com- 


io8 


The  Finance  and  Commerce  of  Boston  and  New  England. 


pany,  the  license  rights  under  the  Edison  patents. 
This  contract  limited  the  operations  of  the  company  to 
an  area  of  about  seventy  acres  in  the  business  center 
of  the  city,  almost  directly  surrounding  what  is  now 
the  first  district  station  of  the  company.  To-day 
the  company  is  capitalized  for  $7,102,700,  employs 
700  men  and  its  service  is  to  be  obtained  in  almost 
any  part  of  Boston.  The  right  was  given  under  the 
first  contract  to  extend  over  the  entire  Citv  of 
Boston  or  any  part  of  it  on  equitable  conditions,  and 
the  corporation  has  taken  advantage  of  that  right. 

At  first,  the  company  adopted  the  policy  of  free 
wiring  for  customers,  and  it  was  not  long  before  the 
capacity  of  the  first  plant  on  Head  Place  was  tested 
to  its  utmost  capacity.  At  the  end  of  six  months 
the  capital  stock  was  increased  to  $250,000,  and 
work  was  commenced  on  a  new  building  adjoining 
the  old  one  on  Head  Place. 

This  station  in  Boston  was  probably  the  first 
power  station  in  the  world,  as  previous  to  this  time 
there  is  no  record  of  more  than  one  or  two  motors 
being  operated  from  a  single  plant,  while  this 
Boston  station  in  the  latter  part  of  1887  was  supply¬ 
ing  current  for  ninety-two  motors.  Later  on  mo¬ 
tors  were  run  on  the  outside  wires  of  the  three-wire 
system,  this  company  being  the  first  one  to  adopt 
this  system  of  power  transmission. 

Business  advanced  by  leaps  and  bounds,  so  rap¬ 
idly  in  fact  that  from  time  to  time  it  was  necessary 
to  make  still  further  additions  to  the  company’s 
equipment  or  construct  new  stations,  and  these  fol¬ 
lowed  one  another  so  rapidly  that  there  was  but  a 
short  interim  between  the  successive  additions.  In 
June,  1887,  the  capital  was  increased  to  $500,000, 
and  a  new  district  was  opened  between  Tremont 
and  Washington  streets  as  far  north  as  Bowker 
street. 

On  December  21,  1887,  the  second  district  station 
from  Hawkins  to  Bowker  street  was  started.  Dur¬ 
ing  this  year  the  company  began  to  abandon  its 
everhead  system  of  distribution,  and  about  ten 
miles  of  three-wire  underground  tube  was  laid. 
During  the  summer  of  1890  the  Head  Place  plant 
was  again  enlarged,  and  ample  office  room  for  a  few 
years  was  provided. 

But,  business  still  increased  and  Mr.  Edgar  of  the 
company  visited  Europe  and  thoroughly  investi¬ 
gated  the  subject  of  station  buildings,  types  and 
size  of  units  employed,  and  modern  electrical  gen¬ 
eration  and  distribution.  The  result  was  the  com¬ 
pany  s  third  district  station  on  Atlantic  avenue  on 
the  site  of  the  old  “Tea  Party  Wharf,”  with  its 
triple  expansion,  vertical  condensing  engines,  to 
which  were  coupled  direct  driven  generators. 

I  hese  slow  speed  vertical  engines  were  the  first 
built  on  this  side  of  the  water,  and  the  direct 


connected  units  were  among  the  first  in  the  history 
of  the  business. 

In  1893  Mr.  Edgar  again  visited  Europe  to  in¬ 
vestigate  the  subject  of  storage  batteries  as  auxili¬ 
aries  to  large  central  stations.  The  use  of  the  stor¬ 
age  battery  in  this  connection  recommended  itself 
so  highly  that  a  trial  plant  was  installed  in  March, 
1894,  at  the  third  district  station  on  Atlantic  ave¬ 
nue,  the  first  of  its  kind  in  this  country.  Although 
looked  upon  with  some  misgiving  by  electrical  en¬ 
gineers  it  soon  proved  its  worth. 

Then  followed  another  period  of  development. 
A  second  battery  plant  was  installed  at  Head  Place, 
and  this  was  followed  by  the  building  of  the  fourth 
district  station,  consisting  of  a  battery  plant,  on 
Scotia  street  in  the  heart  of  the  Back  Bay.  This 
was  in  August,  1896. 

In  September,  1897,  a  storage  battery  was  in¬ 
stalled  in  the  second  station  on  Hawkins  street,  and 
and  in  August,  1898,  a  storage  battery  was  put  into 
commission  in  the  fifth  district  station  on  West 
Canton  street.  In  September,  1900,  another  bat¬ 
tery  was  placed  in  the  sixth  district  station  on 
Pittsburgh  street,  in  South  Boston,  thus  covering  a 
district  previously  supplied  by  means  of  a  subma¬ 
rine  cable  across  the  channel. 

In  March,  1900,  a  large  addition  was  built  to  the 
company’s  Atlantic  avenue  station,  the  wharf  was 
extended  out  to  the  Harbor  Commissioners’  line 
and  modern  coal  handling  machinery  installed. 
This  addition  to  the  latest  station  has  so  increased 
the  capacity  of  the  system  that  a  natural  growth  of 
the  company’s  business  can  be  handled  without  ad¬ 
ditional  building  for  some  time  to  come.  The 
engine  equipment  of  the  Atlantic  avenue  sta¬ 
tion  consists  of  four  660-hp.  vertical  triple  expan¬ 
sion  engines,  each  driving  two  200-kw.  generators; 
one  1,200  hp.  engine  driving  two  400-kw.  generat¬ 
ors;  two  1,200-hp.  engines,  each  driving  one 
800-kw.  generator,  and  two  2,400-hp.  engines,  each 
driving  one  16-kw.  generator. 

About  fifty-three  miles  of  the  street  in  Boston  are 
covered  by  the  underground  system  of  the  com¬ 
pany,  consisting  of  mains,  feeders,  etc.  Edison  in¬ 
candescent  lamps  are  used  on  the  system,  there  be¬ 
ing  connected  the  equivalent  of  some  250,000  16-cp. 
lamps..  About  2,509  arc  lamps  are  also  connected 
to  the  incandescent  circuit.  The  motors  on  the 
system  vary  in  size  from  1-16-hp.  to  100-hp. ,  with 
an  aggregate  of  10,500-hp. 

In  addition  to  the  current  distributed  for  ordinary 
commercial  and  lighting  purposes,  the  company  is 
making  a  specialty  of  electrical  appliances  and  ap¬ 
paratus  for  the  use  of  electricity  in  a  domestic  way, 
for  cooking,  heating  and  other  home  purposes,  and 
in  the  office  at  the  Head  Place  station  a  very  inter- 


The  Finance  and  Commerce  of  Boston  and  New  England. 


109 


esting  and  instructive  exhibit  of  this  class  of  elec¬ 
trical  appliance  is  shown. 

By  the  three-wire  system  of  this  company  it  is 
claimed  a  current  of  killing  force  cannot  be  taken 
from  one  of  their  pieces  of  apparatus  for  domestic 
use,  and  with  their  liberal  inducements  to  custom¬ 
ers  there  is  little  doubt  but  that  electricity  will  soon 
assume  a  most  important  part  in  the  domestic  side 
of  daily  life. 

€>lectric  bonders. 

THE  MANUFACTURE  OF  ELECTRICAL 
MACHINERY  AND  SUPPLIES. 

As  New  England  has  always  been  among  the 
first  to  seize  upon  Nature’s  forces  and  turn  them  to 
practical  advantage,  and  as  the  uses  of  electricity 
have  been  de¬ 
veloped  here 
to  their  ut¬ 
most,  it  is  not 
strange  that 
the  making  of 
electrical  ma¬ 
chinery  and 
suppl  i  e  s 
should  have 
attracted  the 
Yankee  mind, 
always  keen 
for  invention, 
and  that  there 
should  have 
risen  from  it  a 
great  industry 
with  one  of  its 
chief  centres 
still  in  Mass¬ 
achusetts.  For 
many  things 
electrical  the 
world  depends 
almost  entire¬ 
ly  upon  Amer¬ 
ica,  and  the 
products  of  the 
great  works  in 
one  city  among  Boston’s  neighbors  go  to  the  utter¬ 
most  parts  of  the  earth. 

There  is  nothing  necessary  for  the  generation, 
transmission  and  utilization  of  electricity  for  light, 
heat  or  power  which  this  factory  does  not  make. 
Inasmuch  as  no  other  country  is  so  far  advanced  as 
this  in  the  employment  of  electricity  that  simple 
statement  means  something  which  is  almost  incoip- 
prehensible  to  anybody  but  the  expert.  The  United 


States  has  reached  a  point  where  it  can  not  only 
compete  with  the  foreigner  in  his  own  country,  but 
can  beat  him  in  the  markets  of  South  America  and 
the  East,  which  are  but  just  opening.  It  is  because 
of  the  excellence  and  economy  of  the  American 
product  that  this  is  possible. 

The  marvelous  development  of  electrical  ma¬ 
chinery  have  all  come  within  a  quarter  of  a  century. 
The  arc  light  was  first  shown  as  an  experiment  at 
the  Centennial  Exhibition  in  Philadelphia  in  1876, 
and  came  into  commercial  use  two  or  three  years 
later.  There  were  a  few  incandescent  lamps  used 
in  188  r,  but  they  were  in  the  homes  of  one  or  two 
millionaires,  and  it  was  not  until  the  next  year  that 
they  made  their  appearance  in  public  buildings. 
The  first  place  of  that  sort  in  which  they  were 
installed  was  a  theatre  in  the  City  of  Boston.  Now 

electricity 
lights  not  only 
residences, 
public  build¬ 
ings  and  fac¬ 
tories,  but  the 
highways  and 
the  deep  tun¬ 
nels  of  mines. 

The  next 
step  in  the 
march  of  this 
new  force  was 
its  employ¬ 
ment  as  a  mo¬ 
tive  power. 
Street  cars 
have  been  pro- 
p  e  1 1  e  d  by  it 
for  some  years 
now,  and  it  has 
r  e  placed 
steam  on  sev¬ 
eral  railroads. 
It  turns  the 
propellers  of 
boats  and 
moves  the 
wings  of  air¬ 
ships.  It  is,  by 
degrees,  replacing  the  horse  in  business  and  pleas¬ 
ure  traction.  It  moves  the  machinery  of  great 
mills, and  factories. 

It  is  this  latter  development  which  now  engages 
not  a  little  of  the  electrical  engineer’s  attention. 
The  new  system  by  which  each  machine  in  a  large 
plant  is  run  by  an  individual  motor  of  its  own  is 
rapidly  spreading.  Cumberson  and  annoying  shaft¬ 
ings  are  avoided  by  means  of  it,  and  only  a  steam 


BOSTON  ATHLETIC  ASSOCIATION. 

This  is  one  of  the  largest  and  best  equipped  structures  of  the  kmd  in  the  coun¬ 
try.  Besides  tennis  and  hand-ball  courts ,  fencing  and  boxing  rooms ,  bowling 
alleys  and  billiard  rooms ,  a  great  gymnasium  and  a  swimming  tank ,  it  has  also 
all  the  regular  features  of  a  modern  club.  The  members  number  about  two 
thousand. 


no 


The  Finance  and  Commerce  of  Boston  and  New  England. 


plant  sufficient  to  operate  the  generator,  which 
makes  the  current,  is  necessary.  In  mines,  where 
it  is  difficult  to  conduct  steam-power,  electricity  is 
made  of  great  value  for  running  drills,  and  it  has 
replaced  the  traditional  mule  to  a  great  extent  on 
mine  railways. 

The  general  use  of  electricity  for  heating  is  com¬ 
paratively  new,  and  has  not,  as  yet,  become  very 
widespread.  Electric  heaters  have  for  some  time 
warmed  vehicles  which  had  electric  motive  power, 
but  they  have  been  put  into  a  form  convenient  for 
buildings  only  very  recently.  They  have  so  many 
advantages  for  this  particular  service,  however,  that 
their  use  is  increasing  very  fast  and  the  time  is  near 
when  they  will  be  considered  as  indispensable  in 
the  comfortable  home  as  the  incandescent  light  is 
to-day.  The  same  may  be  said  of  the  contrivances 
for  cooking  by  electricity,  the  latest  turn  which  this 
most  practical  of  the  sciences  has  taken. 

The  transmission  of  currents  of  electricity  over 
long  distances  in  such  a  way  that  they  may  be 
efficient  and  economical  at  the  end  of  their  journey 
is  another  problem  of  recent  solution,  and  it  is  a  long 
stride  in  progress.  For  years  after  the  plan  of 
making  electricity  at  a  central  point  and  distributing 
it  to  considerable  distances  suggested  itself,  no 
means  of  successful  accomplishment  could  be  found. 
The  loss  of  power  and  the  cost  were  the  great  obsta¬ 
cles.  These  have  been  overcome  now,  though,  and 
in  some  parts  of  the  country  light  and  power  are 
employed  satisfactorily  200  miles  from  the  place  in 
which  they  are  generated. 

This  only  outlines  the  application  of  electricity  to 
daily  practi¬ 
cal  use  at  the 
present  time. 

The  branches 
and  ramifica¬ 
tions  of  each 
of  the  de¬ 
partments  of 
utility  men¬ 
tioned  are 
well-nigh  in¬ 
numerable 
Each  cares 
for  its  special 
machinery 
and  fittings, 

all  different  in  detail  from  each  other,  and  the  man¬ 
ufacture  of  each  is  a  process  evolved  by  expert  ex¬ 
perience  and  experiment.  No  doubt  one  secret  of 
the  remarkable  advance  in  electrical  mechanism  and 
its  various  requirements  lies  in  the  drawing  together 
of  every  process  connected  with  them  into  one  great 
establishment,  which  gives  opportunity  for  com¬ 


munity  of  work.  The  result  of  such  a  combination 
has,  at  any  rate,  been  the  upbuilding  of  a  wonder¬ 
ful  business  in  which  New  England  takes  great 
pride. 

Manufacture  seems  to  have  been  carried  to  its 
ultimate  in'  the  making  of  electrical  machinery  and 
supplies.  This  concern  which  fashions  every  minut¬ 
est  detail  of  any  electrical  mechanism  makes  en¬ 
tire  plants,  for  electric  lighting,  for  example,  fur¬ 
nishes  the  equipment  for  electric  roads  from  begin¬ 
ning  to  end,  constructs  any  kind  of  an  electrical 
machine  to  order  and  “to  measure,”  so  to  speak, 
and  installs  them  all  wherever  they  may  be  located. 

The  foreign  branches  of  the  great  establishments 
which  make  American  electrical  machinery  are  of 
increasing  importance,  and  the  growth  of  their 
business  is  by  leaps  and  bounds.  American  motors 
keep  many  of  the  utilities  of  the  continental  cities 
in  motion,  and  it  has  been  reported  that  London’s 
new  electric  train  system  is  to  have  an  American 
equipment.  In  South  and  Central  America  the 
opening  up  and  development  of  the  various  coun¬ 
tries  is  being  carried  on  largely  by  machinery  im¬ 
ported  from  this  country.  The  Orient  seems  likely 
to  achieve  its  future  by  the  same  means,  and  wher¬ 
ever  civilization  penetrates  it  finds  American  pro¬ 
gress  as  represented  by  its  mechanical  inventions, 
among  which  electrical  machinery  stands  near  the 
top,  a  most  powerful  instrument. 

General  Electric  Co. — The  Thomson-Houston 
factory  of  the  General  Electric  Co.,  situated  at  West 
Lynn,  is  in  itself  the  largest  electrical  works  in  New 

Engl  and, 
though  its 
capacity  is 
little  more 
than  half  that 
of  the  main 
shops  of  the 
General 
Electric  Co. 
at  Schenec¬ 
tady,  N.  Y. 
The  Lynn 
plant  covers 
fortv  -three 

j 

acres  of 
ground,  eight 
of  which  are  utilized  for  the  factories  of  the 
West  Lynn  Works  proper,  while  the  remainder 
is  covered  chiefly  by  the  steel  casting  plant  and 
abuts  on  the  Saugus  River,  being  hence  known 
as  the  River  Works.  These  two  plants  now  give 
employment  to  about  4,500  men.  The  chief  pro¬ 
ducts  of  the  West  Lynn  Works,  the  floor  space 


THE  THOMSON-HOUSTON  FACTORY  OF  THE  GENERAL  ELECTRIC  CO., 

WEST  LYNN,  MASS. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 1 1 


of  which  is  446,000  square  feet,  are  arc  lamps,  of 
which  nearly  half  a  million  have  already  been  ship¬ 
ped;  Thomson  Recording  Watt  Meters,  which  are 
used  for  measuring  direct  and  alternating  current 
in  all  parts  of  the  world;  Brush  arc  light  machines ; 
electric  automobile  motors,  small  motors,  varying 
in  size  from  those  required  for  driving  desk 
fans  to  those  which  work  the  heaviest  cranes,  ma¬ 
chine  tools  or  printing  presses;  street  railway  mo¬ 
tors  of  various  sizes ;  electric  instruments,  such  as 
volt  meters  and  ammeters  and  controllers  for  eco¬ 
nomically  feeding  current  to  the  motors.  At  the 
River  Works,  huge  steel  castings  up  to  40,000 
pounds  are  made,  and  steel  gears  and  pinions  are 
cut  by  automatic  machinery.  The  floor  space  of 
the  River  Works  is  272,000  square  feet,  making  a 
total  manufacturing  area  for  the  two  plants  of  717,- 
000  square  feet. 

The  immense  variety  of  articles  turned  out  at  the 
works  may  be  gathered  from  the  fact  that  they  are 
made  under  some  25,000  different  specifications. 
These  cover  apparatus  varying  in  size  from  genera¬ 
tors  weighing  130  tons  to  the  smallest  electrical 
measuring  instrument,  weighing  only  a  pound  or 
two,  but  having  almost  as  many  separate  pieces  as 
the  large  generator.  Moreover  the  nature  of  elec¬ 
tricity  is  such  that  it  infallibly  puts  its  finger  upon 
bad  or  careless  workmanship  or  upon  inferior  ma¬ 
terials.  Thus  inferior  insulation  breaks  down  when 
the  current  is  turned  on,  while  impure  copper  or 
improperly  selected  iron  or  steel  is  detected  by  the 
failure  of  the  machine  to  give  its  rated  output  under 
factory  testing  with  instruments  of  precision.  This 
necessitates  the  employment  of  the  highest  grade 
of  workmen  and  the  largest  amount  of  professional 
skill  and  ability  on  the  part  of  the  factory  manage¬ 
ment  and  engineers. 

In  1892,  the  Thomson-Houston  Co.  of  Lynn,  and 
the  Edison  General  Electric  Co.  of  New  York  were 
consolidated  to  form  the  General  Electric  Co.,  Mr. 
C.  A.  Coffin,  then  Vice-President  of  the  Thomson- 
Houston  Co.,  becoming  President  of  the  new  com¬ 
pany.  No  large  electric  manufacturing  company 
in  the  world  has  confined  its  attention  so  strictly 
to  the  manufacture  of  electric  apparatus  and  sup¬ 
plies  or  has  had  such  success  in  the  quality  and 
quantity  of  its  electrical  work  as  the  General 
Electric  Co.  It  has  sold  more  -  generators,  more 
street  railway  motors,  more  arc  lamps,  more  electri¬ 
cal  meters  and  more  motors  for  power  purposes 
than  all  the  other  electrical  manufacturers  in  the 
United  States  put  together.  Its  present  output 
of  incandescent  lamps  is  12,000,000  per  annum, 
more  than  three-fifths  the  total  output  of  the 
United  States.  The  receipts  for  electrical  appa¬ 
ratus  and  supplies  made  in  its  own  shops,  for  the 


last  financial  year  ending  February  1st,  1901,  was 
$28,783,275.75. 

Glcctrical  Engineers. 

BOSTON  MEN  SOUGHT  THE  WORLD  OVER 
—THEY  HAVE  THE  BEST  OF  TRAIN¬ 
ING  AND  EXPERIENCE. 

Between  its  great  technical  schools  and  its  great 
interests  in  the  evolution  of  electricity,  the  con¬ 
struction  of  electrical  machinery  and  the  introduc¬ 
tion  of  the  spark  into  almost  every  phase  of  the  life 
of  a  great  city,  Boston  is  splendidly  equipped  with 
electrical  engineers.  She  provides  not  only  the 
most  thorough  education  and  preliminary  training, 
but  the  best  opportunity  for  practical  experience 
and  the  greatest  encouragement  to  invention  and- 
progress.  The  result  is  that  her  electrical  engineers 
stand  at  the  very  head  of  their  profession  and  are 
sought  far  and  near  when  important  and  difficult 
work  is  to  be  done. 

The  various  services  which  electricity  performs 
for  the  public  in  Boston  and  throughout  New  Eng¬ 
land  have  drawn  the  attention  of  contractors  and 
capitalists  everywhere,  and  when  an  electrical  ex¬ 
pert  has  been  required  this  has  been  one  of  the  first 
places  in  which  he  was  sought.  Electric  railways 
have  reached  as  near  perfection  as  modern  skill  and 
invention  can  devise  hereabouts,  and  in  their  in¬ 
troduction  into  new  places  Boston’s  electrical 
engineers  have  been  in  great  demand.  Their  field 
extends  all  over  this  continent  and  South  America, 
and  many  European  enterprises  have  had  the  benefit 
of  their  advice  and  direction. 

In  acknowledgment  of  the  prominence  which 
electrical  engineering  has  assumed  comparatively 
recently  the  technical  and  scientific  schools  of  Bos¬ 
ton  have  enlarged  their  facilities  for  instruction  in 
the  intricate  branches  which  are  necessary  to  a 
thorough  training  in  every  department  of  the  pro¬ 
fession  and  the  high  standard  they  have  set  for 
years  is  being  constantly  raised.  The  advantages 
of  such  an  extension  to  the  practising  engineers  are 
apparent,  for  they  have  at  hand  the  means  of  con¬ 
tinuing  their  studies  and  keeping  their  knowledge 
abreast  of  the  latest  information  and  are  in  a  posi¬ 
tion  to  secure  the  best  lieutenants  and  assistants  in 
the  world. 

Lockwood,  Greene  &  Co. — One  of  the  leading 
firms  of  architects  and  engineers  for  industrial 
plants  in  New  England  is  the  well-known  house  of 
Lockwood,  Greene  &  Co.,  whose  offices  are  at  93 
Federal  street,  Boston  The  death  last  November 
of  Stephen  Greene,  the  President,  caused  that  posi¬ 
tion  to  be  assumed  by  his  son,  Edwin  F.  Greene. 


I  I  2 


The  Finance  and  Commerce  of  Boston  and  New  England. 


Frank  E.  Shedd  is  Vice-President;  Joseph  Harris, 
Treasurer;  William  S.  Church,  Mechanical  En¬ 
gineer  and  Frank  W.  Reynolds,  Architect. 

A  brief  sketch  of  this  fine  old  house  was  recently 
published  showing  that  David  Whitman  commenced 
as  a  mill  engineer  in  1830,  and  in  1859  chose  Amos 
S.  Lockwood  as  his  successor.  Stephen  Greene 
entered  the  service  in  1879.  Lockwood,  Greene  &  Co. 
formed  partnership  in  1882,  J.  W.  Danielson  being 
a  partner.  In  1884  Mr.  Lockwood  died.  Frank  W. 
Reynolds  was  employed  in  1885.  Frank  E.  Shedd 
in  1887.  Joseph  Harris  in  1889.  Mr.  Danielson 
retired  in  1890,  Wm.  L.  Church  was  employed  by 
Lockwood,  Greene  &  Co.  in  1900,  concluding  with 
the  succession  of  Edwin  F.  Greene  to  Stephen 
Greene  in  1901,  and  the  incorporation  last  January 
of  the  present  firm. 

The  modern  engineering  office  includes  a  wide 
diversity  of  practice,  and  to  this  end  Lockwood, 
Greene  &  Co.  employ  the  best  specialized  skill,  and 
at  all  times  maintain  a  permanent  force  sufficient  to 
promptly  execute  work  of  any  magnitude  and  char¬ 
acter,  and  to  meet  the  constantly  increasing  busi¬ 
ness. 

Stone  &  Webster. — Combining  the  practical 
scientific  work  of  electrical  engineers  and  experts 
with  the  skill  and  shrewdness  of  experienced  busi¬ 
ness  men  and  well-schooled  promoter  of  great  enter¬ 
prises,  Messrs.  Stone  &  Webster  of  93  Federal 
street,  Boston,  hold  an  almost  unique  position  in  a 


field  which  is  becoming  of  more  importance  to  pro¬ 
gress  and  civilization  every  day. 

Charles  A.  Stone  and  Edwin  S.  Webster  organized 
the  firm  in  1889,  when  the  employment  of  electricity 
in  the  public  services,  such  as  lighting  and  rail¬ 
ways,  was  still  comparatively  undeveloped.  Their 
qualifications  as  electrical  engineers  and  experts 
were  well  established.  Their  ability  as  organizer 
and  conductors  of  large  undertakings  was  promptly 
recognized.  Now  they  have  152  employees,  and 
are  general  managers  and  financial  agents  for  these 
companies,  which  have  their  executive  offices  and 
headquarters  in  the  office  of  Messrs.  Stone  &  Web¬ 
ster;  Lowell  Electric  Light  Corporation,  Seattle 
Electric  Co.,  Seattle-Tacoma  Interurban  Railway, 
Columbus  Railroad  Co.,  Cape  Breton  Electric  Co., 
Edison  Electric  Illuminating  Co.,  of  Brockton, 
Edison  Electric  Illuminating  Co.  of  Savannah,  Ga. , 
Brockton  and  Plymouth  Street  Railway  Co.,  Hough¬ 
ton  County  Street  Railway  Co.  of  Houghton,  Mich., 
Blue  Hill  Street  Railway  Co.,  Fort  Hill  Chemical 
Co.,  Tampa  Electric  Co.,  Terre  Haute  Electric 
Co.,  General  Electro  Chemical  Co.,  El  Paso  Electric 
Co.  of  El  Paso,  Texas  and  Houston  Electric  Co.  of 
Houston,  Texas. 

The  consolidation  of  all  the  electric  railway  and 
lighting  interests  of  Savannah,  Ga.,  has  also  been 
entrusted  to  Messrs.  Stone  &  Webster,  and  they 
have  in  proces's'of  organization  an  electric  railroad 
for  Ponce,  Porto  Rico. 


J'fotable  Industries  that  protect  the  Interests 
of  HU — Life  Insurance — jVIercantile  Hgen- 
cies— and  publishing  Rouses. 

DIVERSITIES  OF  NEW  ENGLAND  ENTERPRISES  ALMOST  BEWILDERING— DEVEL¬ 
OPMENT  OF  THEORIES.  THAT  PRACTICE  HAVE  MADE  PERFECT— MASS¬ 
ACHUSETTS  CAN  CLAIM  THE  GREATEST  IN  THE  UNITED 

STATES  OF  AMERICA. 

M 


a; HE  number  and  diversity  of  our  industries 
is  almost  bewildering.  Life  insurance  has 
'  been  developed  in  theory  and  practice  until 
"=5=-"  it  is  one  of  the  most  important  features 
of  the  modern  business  world,  Massachusetts  boast¬ 
ing  of  several  of  the  largest  companies  in  the  coun¬ 
try.  With  the  marvelous  increase  of  modern  liter¬ 
ature,  which  is  the  beneficent  result  of  our  great 
educational  systems,  the  publishing  business  has 
become  a  great  industry.  Boston  is  the  literary 
centre  of  the  country,  and  its  great  publishing 
houses  are  the  natural  outgrowth  of  such  an  enlight¬ 
ened  condition  of  society. 

The  mercantile  agency,  at  first  frowned  upon,  is 
now  an  indispensable  factor  in  the  business  world, 
its  branches  extending  into  every  channel  of  indus¬ 
try,  and  its  roots  being  thoroughly  grounded  in 
utilitarian  soil. 

Life  Insurance. 

A  SYSTEM  OF  SUPERVISION  WHICH  IS  MODEL. 

The  Massachusetts  system  of  supervising  the 
methods  and  conditions  of  the  organizations  which 
insure  the  lives  of  the  citizens  of  the  Common¬ 
wealth  is  the  recognized  standard  of  efficiency. 
Thoroughness  and  fairness  to  both  insurers  and 
insured.  Under  it  an  unequalled  degree  of  con¬ 
fidence  and  reliability,  which  inspires  confidence, 
has  been  reached,  and  the  single  fact  that  no  regular 
life  insurance  company  incorporated  in  Massachu¬ 
setts  has  ever  failed  is  a  vivid  illustration  of  its 
value. 

The  supervision  includes  not  only  companies  and 


“  orders  ”  incorporated  or  formed  in  this  Bay  State, 
but  outside  organizations  which  do  business  here  as 
well.  Its  purpose  is  purely  to  protect  the  citizens 
of  this  Commonwealth,  of  course,  but  one  of  its 
results  has  been  to  safeguard,  in  an  indirect  way, 
the  interests  of  all  the  policy-holders  of  every 
company  active  within  the  jurisdiction  of  the  Com¬ 
missioner.  While  there  is  no  question  of  the  inten¬ 
tions  of  the  life  insurance  companies  of  recognized 
worth  and  standing  there  have  been  cases  in  which 
an  unsatisfactory  state  of  affairs  of  some  minor 
outside  company  wrhich  had  passed  unnoticed 
through  a  less  rigid  examination,  has  been  revealed 
by  the  searching  investigation  which  the  Massa¬ 
chusetts  officials  make,  under  the  law,  each  year. 
The  high  character  of  the  men  who  bear  so  great 
responsibility  for  the  Commonwealth  has  always 
been  a  guarantee  of  the  utmost  watchfulness,  hon¬ 
esty  and  justice,  and  the  insurance  companies  have 
been  ready  in  willing  co-operation  and  generous  in 
appreciation  of  the  value  of  the  work  from  their 
own  standpoint. 

The  scheme  of  the  present  laws  regulating  the 
business  of  life  insurance  companies  in  Massachu¬ 
setts  had  its  origin  thirty  odd  years  ago  with  Elizur 
Wright,  who  was  an  Insurance  Commissioner  at  the 
time.  He  saw  the  possibilities  of  the  tremendous 
business  which  he  developed  from  the  little  known- 
and  less  understood  beginning  of  his  day,  which 
was  the  infancy  of  the  present  great  institution. 
It  early  occurred  to  him  that  a  business  of  such 
vast  possibilities,  based  upon  such  unique  and 
intricate  theories,  was  especially  easy  of  perversion. 
His  keen  mind,  shrewd  in  reasoning  and  apt  in 
suggestion,  supplied  the  plans  from  which  to-day’s 


The  Finance  and  Commerce  of  Boston  and  New  England. 


114 


strict  but  satisfactory  and  successful  system  of 
control  was  constructed. 

The  accounts  of  every  insurance  organization 
doing  busi¬ 
ness  in  Mass-  pgr 
achusetts  ate 
thoroughly 
audited  every 
year  and  full 
publicity  giv¬ 
en  by  State 
authority  to 
the  relations 
b  e  t  w  e  e  n 
company  and 
policy  hold¬ 
ers.  This  is 
accomplished 
by  actual  ac¬ 
counting  and 
com  putation 
in  the  case 
of  every  in¬ 
dividual  pol- 
i  c  y  .  The 
periodical 
exhibits  of 
the  compa¬ 
nies  are 
checked  for 
absolute  ac¬ 
curacy  and 
completeness 
by  a  dupli¬ 
cate  set  of  rec¬ 
ords  held  by 
the  Commis¬ 
sioner  where 
t  h'e  y  are 
wholly  be¬ 
yond  the  in¬ 
fluence  or 
control  of 
the  organiza- 
t  i  on  s .  At 
first  this  was 
not  difficult, 
but  the  total 
business  of 
that  day  was 
less  in  vol- 
u  m  e  and 

value  than  that  of  a  single  small  company  is  now, 
and  the  present  scope  of  the  work  is  of  almost 
inconceivable  magnitude. 

In  simple  terms  the  liabilities  and  the  assets  of 


- 


HOME  OFFICE  OF  THE  JOHN  HANCOCK  MUTUAL  LIFE  INS.  CO.,  BOSTON 


every  insurance  company  in  business  here  are 
proved  by  the  Commissioner  in  the  most  thorough 
manner  at  stated  intervals.  That  is  to  say,  each 

company 
must  show 
him  not  only 
what  it  owes 
at  the  time  of 
its  report, 
but  what  it 
maybe  called 
upon  to  pay 
at  any  mo¬ 
ment,  which 
means  the 
amount  of 
money  neces¬ 
sary  to  settle 
all  of  its  poli¬ 
cies  in  full; 
and  it  must 
be  prepared 
to  have  every 
item  of  its  as¬ 
sets  examin¬ 
ed  by  the 
Commission¬ 
er  in  person, 
for  he  can 
leave  noth¬ 
in  g  t  o  the 
word  of  any- 
body,  how¬ 
ever  reliable 
he  may  know 
the  man  and 
his  company 
to  be.  To  ac¬ 
complish  this 
a  duplicate  of 
every  life  in¬ 
surance  pol¬ 
icy  written  in 
Massachu¬ 
setts,  giving 
the  details 
necessary  to 
make  clear 
all  of  the  ob¬ 
ligations  for 
present  or 
future  which 

the  company  issuing  it  takes  upon  itself,  is  filed 
with  the  State  Commissioner.  So  the  authorities 
are  constantly  aware  of  the  exact  condition  of 
every  company  in  the  State,  the  surplus  which  it 


The  Finance  and  Commerce  of  Boston  and  New  England. 


“5 


has  for  the  protection  of  those  who  hold  its  policies 
and  its  financial  ability  in  general. 

The  results  of  this  seemingly  severe  supervision 
have  been  most  excellent  in  every  way.  Not  only 
has  no  Massachusetts  life  insurance  corporation 
ever  failed,  but  the  public  has  been  rescued  from 
the  danger  of  loss  through  the  few  outside  com¬ 
panies  which  have  at  times  given  such  evidence  of 
an  unsatisfactory  condition  that  they  have  been 
denied  the  right  of  doing  business  here.  The  fact 
that  a  company  is-  allowed  to  operate  in  the  State 
has  become  a  high  recommendation,  and,  in  a  way, 
a  guarantee  of  its  soundness  and  honesty  to  the 
insured. 

John  Hancock  Mutual  Life  Insurance  Co. — In 
April,  1862,  a  charter  was  issued  to  Nathaniel  Har¬ 
ris,  James  P.  Thorndike  and  Gerry  W.  Cochrane 
incorporating  the  John  Hancock  Mutual  Life  Insur¬ 
ance  Co.,  of  Boston,  Mass.  This  corporation  began 
business  with  a  guaranteed  capital  of  $100,000, 
which  was  retired  in  1873,  carrying  out  the  inten¬ 
tion  of  making  the  company  a  purely  mutual  one. 
The  first  President  was  George  P.  Sanger,  and  its 
first  policy  was  issued  on  December  27,  1862.  It 
was  intended  to  be  an  exponent  of  the  Massachu¬ 
setts  Non-forfeiture  Law  of  1861,  and  was  the  first 
company  to  pay  a  claim  under  the  terms  of  that 
law.  The  John  Hancock  has  continued  to  work 
under  the  law  as  amended  and  approved  in  later 
years,  notably  at  the  suggestion  of  Mr.  Stephen  H. 
Rhodes,  who  had  been  Insurance  Commissioner  of 
Massachusetts  since  1874,  and  who  resigned  that 
office  in  1879  to  become  the  President  of  the  John 
Hancock.  It  may  be  said  with  truth  that  the  sub¬ 
stantial  and  vigorous  prosperity  of  the  company  dates 
from  the  time  Mr.  Rhodes  assumed  its  guidance. 

Although  the  youngest  of  the  Massachusetts  life 
insurance  companies  that  were  started  on  the  old- 
line  plan,  the  magnitude  of  its  transactions  and  the 
vigor  of  its  growth  have  given  it  a  very  prominent 
position. 

During  the  thirty-eight  years  ending  with  De¬ 
cember  31,  1900,  the  John  Hancock  had  returned  to 
its  members  $21,340,389  in  death  claims,  $3,417,579 
in  dividends,  $3,267,304  in  surrender  values  and 
$t, 815, 758  in  matured  endowments,  making  total 
cash  payments  to  policy-holders,  during  the  period 
adverted  to,  amounting  to  the  splendid  sum  of 
$29,841,030.  At  that  date  the  company  also  held 
the  sum  of  $14,369,278  to  the  credit  of  its  policy¬ 
holders  as  a  legal  reserve  or  sinking  fund  against 
the  maturity  of  its  policies.  Its  home  office  build¬ 
ing  at  178  Devonshire  street,  Boston,  is  a  splendid 
structure  and  has  been  occupied  by  this  company 
since  February,  1891. 


Booh  publishers. 

BOSTON’S  SPLENDID  EQUIPMENT  AND 
INFLUENCE. 

The  first  printer  in  America  made  his  home  in 
Cambridge,  the  principal  suburb  of  Boston,  and 
several  of  the  leading  “presses”  of  the  United 
States  have  their  homes  in  the  same  city,  and  have 
for  years  been  located  there.  So  the  Greater 
Boston  has  been  most  prominently  identified  from 
its  small  beginnings  with  the  great  printing  and 
publishing  business  of  this  country,  where  the  pro¬ 
duction  of  books  has  developed  most  rapidly  and 
startlingly. 

There  was  a  time  when  an  American  book  was 
scarcely  heard  of  in  Europe,  unless  foreign  editions 
of  it  were  issued.  The  “  older  culture  ”  had  a  mild 
contempt  for  the  literary  and  scientific  pretensions 
of  the  young  nation,  and  showed  them  but  scant 
courtesy.  The  generation  of  poets,  essayists  and 
novelists  which  the  Bay  State  produced  in  the  mid¬ 
dle  of  the  last  century,  most  of  whom  made  their 
abode  in  the  vicinity  of  Boston,  altered  this  state  of 
affairs,  however. 

It  was  largely  by  the  circulation  of  their  works, 
issued  by  Boston  concerns,  that  American  publish¬ 
ers  and  their  product,  American  writers  and  their 
work,  first  took  their  proper  rank  in  the  eyes  of  the 
outer  world.  They  first  won  for  the  city  its  repu¬ 
tation  for  high  intellectuality,  and  its  name  as  the 
“Athens  of  America.”  To-day  the  name  of  Boston 
has  come  to  be  recognized  almost  as  the  hallmark 
of  mechanical  excellence  in  a  book  trade  which  ex¬ 
tends  across  all  the  seas. 

Famous  individual  volumes  and  famous  editions 
innumerable  have  come  from  these  great  “presses.” 
American  science,  American  history,  American 
pedagogy  have  been  exploited  by  them,  and  have 
in  turn  made  the  reputation  of  the  American  author, 
editor  and  publisher.  The  American  ideas  and 
methods  which  have  in  this  way  been  taught  to  the 
world  are  becoming  the  guides  of  other  nations — 
the  means  to  the  newer  and  better  civilization,  the 
great  leavening  power  in  distant  countries  and 
among  almost  unknown  peoples. 

By  reason  of  its  close  association  with  great  seats 
of  learning,  perhaps,  Boston  became  the  natural 
birthplace  of  books  of  instruction  in  particular.. 
Just  as  everybody  had  learned  to  look  in  this  direc¬ 
tion  for  the  best  educational  methods,  so  all  expec¬ 
tation  was  bent  this  way  for  text  books.  The 
“  New  England  school  ma’am  ”  took  her  place  as  the 
type  of  all  that  was  efficient  and  desirable  in  her 
line  of  work;  the  Boston  school  book  followed  her 
and  passed  beyond  her  to  regions  she  could  not 
penetrate.  The  American  publisher  became  an  im- 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 16 


portant  factor  in  general  literature  by  reason  of  his 
taste  and  judgment  and  skill;  the  Boston  publisher 
gained  recognition  in  the  particular  and  important 
field  of  educational  works  because  of  his  enterprise, 
his  accuracy  and  his  integrity. 

One  natural  consequence  of  this  was  the  selection 
of  one  or  another  of  the  Boston  houses  as  their  pub¬ 
lishers  by  many  of  the  best-known  writers  of  stand¬ 
ard  school  books  and  of  such  scientific  and  histori¬ 
cal  works  as  were  intended  to  serve,  among  other 
purposes,  as  text  books  in  the  preparatory  schools 
or  the  large  scientific  and  professional  schools  and 
the  colleges.  There  is  scarcely  a  man  or  woman 
grown  in  any  part  of  the  country,  it  is  safe  to  say, 
but  has  studied  from  a  Boston-published  school 
book  of  one  kind  or  another,  and  the  number  of 
those  who  owe  their  entire  acquaintance  with  “the 
three  R’s  ”  and  their  later  knowledge  of  more  ad¬ 
vanced  subjects  to  volumes  from  the  same  centre  of 
production  is  beyond  computation. 

The  equipment  of  the  Boston  publishing  houses 
is  unsurpassed  anywhere.  Their  work  has  always 
been  a  source  of  pride  and  satisfaction  to  them  and 
its  quality  has  been  no  small  item  in  their  capital. 
Especially  in  text  books  have  they  pointed  the  way 
to  others.  Those  who  have  devoted  their  entire  at¬ 
tention  to  this  branch  of  the  business  have  been 
liberal  and  progressive, 
adopting  every  im¬ 
provement  in  book¬ 
making  as  soon  as  its 
application  to  the  pecu¬ 
liar  necessities  of  their 
specialty  became  prac¬ 
ticable.  They  recog¬ 
nize  the  desirability  of 
making  the  subject 
matter,  and  indeed  the 
whole  volume,  attrac¬ 
tive  to  the  student,  and 
use  lavishly  the  best 
illustrations  which  can 
be  procured,  reproduced 
in  the  most  perfect 
manner  possible. 

Without  detriment  to 
their  stability  they  have 
added  artistic  quality  to 
the  bindings  they  use, 
and  to  the  typograph¬ 
ical  embellishments. 

Above  all,  great  improvement  has  been  wrought  in 
the  size  and  clearness  of  the  type  in  which  the 
reading  matter  is  set,  and  the  quality  of  the  paper 
on  which  it  is  printed. 

1  he  remarkable  extension  and  development  of 


the  text  book  publishing  houses  has  given  Boston 
one  unique  distinction.  It  is  said  that  the  city  is 
better  supplied  than  any  other  place  in  the  country 
with  the  type  faces  of  foreign  languages,  both 
ancient  and  modern.  The  missionary  institutions 
which  have  their  headquarters  and  their  seminaries 
in  New  England  have  been  the  cause  of  the  making 
of  some  of  these  strange  characters. 


been  second  to  none  in  the  educational  value  of  its 
books,  and  in  the  short  space  of  little  over  a  quarter 
of  a  century  has  grown  to  be  the  largest  single 
schoolbook  house  in  America. 

A  large  number  of  their  publications  are  edited  by 


GINN  &  CO.,  PUBLISHERS,  BOSTON,  MASS. 


Ginn  &  Co. — The  well-known  publishing  house 
of  Ginn  &  Co.  was  established  in  the  City  of  Boston 

in  the  year  1867, 
and  to-day  is 
known  through¬ 
out  the  world  as  a 
powerful  factor  in 
educational  mat¬ 
ters. 

It  has  been  the 
aim  of  this  house 
to  make  a  careful 
study  of  the  problems  of  education,  and  it  has 
spared  no  pains  to  secure  the  best  editorial  talent 
possible.  Its  list  now  includes  books  by  the  leading 
educational  men  all  over  the  country,  and  in  almost 
every  town  in  the  United  States  some  of  its  publi¬ 
cations  are  used.  The  house  has  for  many  years 


The  Finance  and  Commerce  of  Boston  and  New  England. 


ii 


Cambridge  men.  Their  first  book,  Craik’s  English 
of  Shakespeare,”  edited  by  Professor  W.  J.  Rolfe, 
the  well-known  Shakespearean  scholar,  was  pub¬ 
lished  about  the  year  1867. 

Then  followed  the  well-known  series  of  Latin 
books  by  Allen  and  Greenough ;  the  Greek  Gram¬ 
mar,  by  Professor  W.  W.  Goodwin;  Greek  Lessons, 
by  Professor  J.  W.  White;  the  “Harvard  Shakes¬ 
peare,”  by  Dr.  Henry 
N.  Hudson;  the  math¬ 
ematical  works  of  Pro¬ 
fessor  J.  M.  Peirce  and 
Professor  W.  E.  Byerly, 
and  many  others. 

Among  books  most 
widely  known  and  most 
extensively  used  of  the 
1,000  now  published  by 
this  house  are  the  Wentworth  Series  of  Mathematics, 
the  Educational  Music  Course,  Athenaeum  Press 
Series,  Collar  and  Daniell’s  Latin  Books,  Young’s 
Series  of  Astronomies,  International  "Modern  Lan¬ 
guage  Series,  College  Series  of  Greek  Authors, 
College  Series  of  Latin  Authors,  Blaisdell’s  Physiol¬ 
ogies,  Cage’s  Physics,  the  series  of  Classics  for 
Children,  Cyr’s  Readers,  Montgomery’s  and  Myers’s 
Histories,  and  Frye’s  Geographies. 

They  have  recently  added  the  “Trade  Depart¬ 
ment  ”  which  issues  publications  of  a  general 
character. 

Their  great  plant  is  located  on  the  Charles  River, 
Cambridge,  within  a  radius  of  one  mile  from  the 
State  House.  Here  the  company  obtained  land 
with  abundant  light,  which  is  so  essential  in  their 
business  for  the  best  quality  of  work.  This  loca¬ 
tion  affords  them  the  best  advantages  in  shipping 
to  all  points  of  the  compass. 

The  “Athenaeum  Press,”  as  Ginn  &  Co.  style 
their  building,  is  a  model  one  for  manufacturing 
purposes,  with  a  front¬ 
age  of  200  feet  on  each 
street,  and  a  depth  of 
70  feet.  It  is  lighted 
by  800  incandescent 
and  30  arc  lights.  The 
different  depart¬ 
ments  occupy  about 
three  acres  of  floor 
space.  The  output  of 
this  great  establishment  is  10,000  books  per  day. 

The  Boston  offices  of  Ginn  &  Co.  have  recently 
been  changed  from  Nos.  7-13  Tremont  Place  to 
splendid  new  quarters — No.  29  Beacon  street,  two 
doors  west  of  the  State  House — on  which  site  stood 
the  home  of  John  Hancock  of  Revolutionary  fame. 
Ginn  &  Co.  have  offices  in  New  York,  London, 


Chicago,  San  Francisco,  Columbus,  O.  ;  Atlanta,  Ga. ; 
Dallas,  Tex.,  and  depositories  in  San  Francisco  and 
New  Orleans.  The  members  of  the  company  are 
Edwin  Ginn,  Geo.  A.  Plimpton,  F.  B.  Ginn,  L.  Park- 
hurst,  O.  P.  Conant,  T.  W.  Gilson,  F.  M.  Ambrose, 
H.  H.  Hilton,  R.  S.  Thomas  and  A.  H.  Kenerson. 

Something  Hbout 
]New  Gngland  JVIagazincs. 

New  England  famous  for  its  Institutions  of  learn¬ 
ing,  naturally  as  a  result  of  its  great  educational 
facilities,  produces  remarkable  literary  talent,  and 
it  all  tends  toward  the  natural  outlet — the  magazine. 

There  are  hundreds  of  magazines  published  in 
New  England,  many  of  which  have  not  only  a 
national,  but  a  world- wide  reputation,  and  their  com¬ 
bined  circulation  reaches  well  up  into  the  millions. 
In  the  United  States  these  publications  reach  the 
homes  of  the  most  intelligent  reading  classes.  A 
large  number  of  these  are  devoted  to  special  fields 
of  science  and  art  in  their  many  branches,  while  the 
stories  of  fiction  that  originate,  in  Boston  and  the 
States  of  the  Pilgrims,  are  sufficiently  historical  to 
teach  something  to  their  readers  so  that  their  time 
is  not  altogether  lost. 

Prominent  in  the  field  is  the  New  England  Mag¬ 
azine  and  its  readers  cannot  be  otherwise  than  well 
posted,  upon  the  current  events  of  the  day,  and  are 
well  stocked  with  the  works,  of  the  best  of  the  modern 
writers,  not  only  of  America,  but  of  the  world. 

The  present  New  England  Magazine  is  almost 
wholly  responsible  for  the  many  new  writers  that  are 
making  literary  reputation.  This  was  brought  about 
by  the  encouragement  offered  to  “unknown  writers.  ” 

It  is  on  record  that  a  single  publication  issued 
monthly  showed  that  nearly  four  hundred  writers 
contributed  to  its  columns  in  one  year. 

Cbe  fruit  'Crude. 

BOSTON,  WITH  ITS  EXCEPTIONAL  FACILITIES 
FOR  MARKETING,  IS  ONE  OF  THE 
CHIEF  CENTRES. 

Boston  is  one  of  the  chief  centres  of  the  fruit 
trade  of  the  LInited  States.  It  has  long  held  a  lead¬ 
ing  position  in  this  particular  branch  of  commerce, 
and  each  year  sees  it  extending  its  scope  by  increas¬ 
ing  its  facilities,  broadening  its  relations  and  enlarge 
ing  its  market. 

One  special  advantage  which  Boston  has  in  the  fruit 
trade  is  direct  communication  with  the  districts 
where  much  of  the  imported  product  is  grown.  A 
line  of  steamers,  fitted  especially  for  the  purpose, 
makes  regular  trips  to  and  from  this  port,  in  addi¬ 
tion  to  the  usual  complement  of  miscellaneous  ves¬ 
sels  engaged  in  the  traffic,  which  insures  a  constant 


The 
John  Hancock  Housi 


*737  -,86!3 


n8 


The  Finance  and  Commerce  of  Boston  and  New  England. 


supply  of  the  freshest  available  fruit,  kept  in  the 
best  possible  condition.  The  big  fruit  companies 
own  plantations  of  their  own  and  contract  by  the 
term  for  the  whole  yield  of  other  large  estates,  so 
that  they  have,  directly  or  indirectly,  supervision 
over  the  growing,  picking  and  handling  of  their 
merchandise.  In  Boston  are  also  the  home  offices  of 
several  of  the  concerns  which  own  or  control  other 
plantations,  and  thus,  in  double  way,  the  city  is  in 
the  closest  touch  with  the  chief  sources  from  which 
the  American  and  Canadian  markets  are  furnished 
with  the  choicest  of  the  fruits  which  cannot  be  raised 
here  in  sufficient  quantities  or  which  conditions  of 
climate  and  of  soil  make  it  impossible  to  cultivate 
profitably,  as  yet,  on  this  continent. 

For  dealing  in  the  fruit  crops  of  the  North,  South 
and  West,  Boston  is  exceptionally  equipped.  Coast¬ 
wise  shipping  is  represented  in  its  harbor  by  a  large 
number  of  vessels,  both  steam  and  sailing,  and  its 
railroad  connections  extend  by  the  most  direct 
routes  to  the  Pacific  coast.  The  apple  orchards  of 
New  England  and  Canada  are  its  immediate  neigh, 
bors,  and  the  peach  raising  territory  of  the  East  lies 
close  at  hand. 

In  this,  as  in  every  commercial  line,  Boston  is  the 
natural  trade  centre  of  New  England,  and  it  is 
rapidly  assuming  the 
position  of  head¬ 
quarters  for  many 
large  mercantile  in¬ 
terests  beyond  that. 

The  great  transpor¬ 
tation  lines  which 
have  their  termini  in 
the  city  lay  a  vast 
territory  tributary 
and  supply  it  with 
what  it  uses  of  nec¬ 
essities  and  luxuries 
alike.  Fruit  is  be¬ 
coming  a  more  im¬ 
portant  item  in  the 
nation’s  food  supply 
every  year,  and  the 
exceptional  facilities  for  marketing  it  possessed  by 
the  New  England  metropolis  are  increasing  its  an¬ 
nual  business  in  this  particular  commodity  at  a 
very  rapid  rate. 

Such  has  been  the  pace  of  this  growth  in  fact, 
that  the  fruit  companies  of  Boston  have  found  it 
necessary  to  keep  a  sharp  lookout  for  every  oppor¬ 
tunity  to  extend  their  purchases.  They  are  credited 
with  obtaining  the  best  in  quality  that  goes  to  any 
market  in  the  country  and  to  maintain  this  reputa¬ 
tion  and  at  the  same  time  meet  the  tremendous  de¬ 
mands  upon  them  has  been  no  easy  matter,  yet  it 


has  always  been  done  successfully.  Some  idea  of 
what  that  means  is  conveyed  in  the  statement  that 
one  concern  alone  is  bringing  here  and  distributing 
within  the  New  England  States  100,000  stems  of 
bananas  every  week;  and  the  New  England  States 
are  but  one  corner  of  the  market  and  bananas  but 
one  of  many  fruits. 

Summer  in  Winter-time. — To  go  away  from  the 
cold  climate  of  our  New  England  Winter-time  to  a 
land  where  Summer  is  continual,  is  the  fond  ambi¬ 
tion  of  everyone;  an  ambition  which  is  limited  only 
by  the  opportunity  and  the  ability  to  undertake 
such  a  change  of  scene.  At  such  times  the  land  of 
Jamaica,  that  snug  little  British  island  in  the  Carib¬ 
bean  Sea,  comes  to  mind,  and  the  good  offices  of 
the  United  Fruit  Company  are  offered  to  make  real 
the  dreams  of  “  Summer  in  Winter-time.” 

This  dream  is  realized  by  means  of  the  two  twin- 
screw  steamers  “Admiral  Dewey  ”  and  “Admiral 
Farragut,”  which  run  weekly  from  Boston  to 
Jamaica,  leaving  Boston  on  Wednesday  at  10  a.  m., 
and  arriving  off  this  most  beautiful  of  the  West  In¬ 
dian  Islands  four  days  and  twenty  hours  from  the 
day  of  sailing.  These  steamers  are  of  recent 
model ;  thoroughly  equipped ;  supplied  with  all  the 

conveniences  which 
contribute  to  the 
comforts  of  the  pas¬ 
sengers,  and  officered 
and  manned  by  men 
of  tried  abilities. 
They  carry  the 
United  States  Mail 
and  are  fast  and  safe. 
In  one  day  they  have 
left  behind  the  Win¬ 
ter’s  cold,  the  next 
are  in  Summer  seas, 
and  the  following 
days  of  the  trip  are 
spent  in  cruising 
through  the  islands 
of  the  Caribbean 
Sea  to  the  island  where  hill  and  mountain  and 
valley  and  plain  are  covered  with  the  rich  ver¬ 
dure  of  the  tropics;  where  the  skies  are  bright 
by  night  as  well  as  day;  where  fruits  and  flow¬ 
ers  combine  to  make  the  experiences  of  the  tour¬ 
ist  novel  and  delightful.  A  letter  to  the  United 
Fruit  Company,  Long  Wharf,  Boston,  will  be 
answered  with  all  the  facts  and  information,  de¬ 
scribing  the  vessels,  the  accommodations,  the 
bill  of  fare,  and  all  that  the  tourist  would  know  of 
this  inexpensive  and  delightful  way  of  avoiding 
Winter. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


119 


Vea  and  Coffee. 

TWO  STAPLES  OF  GENERAL  USE,  FOR  WHICH 
THE  COUNTRY  HAS  ALWAYS  LOOKED 
TO  BOSTON. 

There  was  a  time  when  tea  got  Boston  into  much 
trouble,  but  that  was  partly  because  Boston  took  so 
much  interest  in  tea  and  because  her  merchants 
were  the  great  tea  importers  of  the  colonies.  To¬ 
day  the  interest  is  unabated,  and  a  goodly  part  of 
the  country  still  turns  in  the  same  direction  for  its 
cup  of  consolation. 

Although  coffee  never  had  such  historical  import¬ 
ance  here  as  tea,  Boston  is  the  chief  market  of  the 
country  for  the  higher  grades  in  roasted  form. 
This  means  a  good  deal  when  it  is  considered  that 
although  it  can  claim  but  a  little  more  than  one- 
twentieth  of  the  world’s  population,  this  continent 
consumes  almost  one-half  of  the  world’s  coffee  pro¬ 
duction.  In  one  branch  of  this  trade  Boston  is  es¬ 
pecially  well  known.  From  her  storehouses  and 
mills  are  sent  out  a  large  percentage  of  the 
“  br  :nded  ”  coffees,  which  have  become  so  popular 
within  the  last  few  years  on  account  of  their  con¬ 
venience  and  the  known  quality  of  their  blending. 

The  position  which  Boston  occupies  in  the  tea 
and  coffee  trade  is  a  heritage  from  her  old-time 
merchants.  There  have  been  many  changes  in 
methods,  in  men  and  in  the  territory  looking  this 
way  for  its  distributing  centre  since  the  days  when 
vessels  lined  the  south  side  of  State  street  as  far  up 
as  the  Custom  House,  but  in  spite  of  them  all  there 
has  been  a  healthy  growth,  which  continues  from 
year  to  year. 

Chase  &  Sanborn. — Boston  is  the  home  office  of 
Chase  &  Sanborn,  the  largest  distributors  of  high- 
grade  tea  and  coffee  in  the  world,  and  it  is  their 
large  transactions  (amounting  to  over  $5,000,000  a 
year)  which  have  brought  Boston  the  unique  dis¬ 
tinction  of  handling  and  selling  more  high-grade 
roasted  coffee  than  any  other  city  in  the  United 
States.  Everybody  who  attended  the  World’s  Fair 
in  Chicago  remembers  the  delicious  coffee  served 
on  the  exposition  grounds.  The  managers  of  the 
Fair  were  determined  to  make  this  a  great  attrac¬ 
tion  to  the  thousands  of  visitors,  and  they  chose 
Chase  &  Sanborn’s  coffee  above  all  others  as  the 
best  for  this  end. 

The  firm  of  Chase  &  Sanborn  has  a  famous  his¬ 
tory,  for  the  business  dates  back  nearly  half  a 
century.  At  present  the  managing  owners  are 
Caleb  Chase,  James  S.  Sanborn,  Charles  D.  Sias, 
Charles  E.  Sanborn,  John  Moir,  Benjamin  S. 
Palmer,  William  T.  Rich,  and,  for  the  Montreal 
house,  Daniel  Gillmor;  for  the  Chicago  house, 


Carleton  Moseley  and  Henry  T.  Brown.  Under 
these  active  managers  there  is  a  trained  working 
force  of  over  500,  each  man  educated  for  the 
special  work. 

The  business  has  been  wonderfully  systematized, 
and  the  maxim  of  the  house  has  long  been  that 
there  is  nothing  too  good  in  product  or  service  for 
its  patrons.  The  establishment  is  representative  in 
its  line  all  over  the  world. 

Hs  to  Sugar. 

BOSTON  PLANTERS  AND  GRINDERS  MAKE  THE 
FINEST  QUALITY  AND  IMPORT  IT. 

One  of  the  few  independent  sugar  refineries  in 
the  country  is  located  within  the  limits  of  “  Greater 
Boston,  ”  and  one  of  the  leading  planting  and  im¬ 
porting  concerns  on  this  side  of  the  ocean  has  its 
headquarters  in  the  city.  Boston  as  a  port  of  entry 
does  not  do  such  a  business  in  sugar  as  New  York, 
but  its  importance  in  the  market  is  not  inconsider¬ 
able,  for  Boston  planters  supply  the  great  refining 
centres  with  some  of  the  best  of  their  raw  material. 

The  peculiar  interest  which  Cuba  has  to  all  Amer¬ 
icans  just  now  and  the  improved  conditions  which 
obtain  there  since  its  industries  have  begun  to  re¬ 
cover  from  the  blight  accompanying  Spanish  rule, 
have  turned  general  attention  to  what  Yankee  en¬ 
terprise  has  been  doing  on  the  island  for  some  time, 
and  nothing  stands  out  to  greater  advantage  than 
the  work  of  Boston  capitalists  among  the  sugar 
planters  and  mills.  They  are  largely  interested  in 
cane  which  they  do  not  themselves  raise  or  own, 
but  they  have  prospered  splendidly  where  they 
have  themselves  engaged  in  planting  and  grinding. 
As  is  to  be  expected  of  a  business  based  on  New 
England  energy  and  conducted  in  accordance  with 
New  England  commercial  traditions  and  precepts, 
the  product  is  as  fine  as  can  be  made  and  finds  a 
ready  market.  It  has  all  the  advantages  which  the 
most  advanced  ideas  and  improved  machinery  for 
sugar  making  can  give  it,  and  is  a  distinctly  Amer¬ 
ican  commodity. 

E.  Atkins  &  Co. — One  of  the  old  line  mercantile 
firms  of  Boston,  and  one  which  in  the  palmy  days 
of  the  import  trade  was  recognized  as  a  leader  in 
its  line,  is  that  of  E.  Atkins  &  Co.,  sugar  importers 
and  manufacturers  of  sugar  in  Cuba.  Established 
in  1840,  when  the  sugar  carrying  trade  from  the 
West  Indies  to  Boston  was  one  of  the  principal 
factors  in  the  city’s  commercial  prosperity,  this 
company  has  remained,  despite  the  competition  of 
competitors,  in  the  column  of  what  may  be  termed 
“old  Boston  merchants.”  The  only  surviving 
partner  is  Edwin  F.  Atkins,  but  he  has  carried  out 


I  20 


The  Finance  and  Commerce  of  Boston  and  New  England. 


the  plans  of  the  firm  along  original  lines,  and  as  a 
consequence  it  is  recognized  as  one  of  the  best 
sugar  houses  in  New  England.  In  addition  to  the 
firm’s  trade  as  sugar  importers,  it  has  the  advantage 
over  many  modern  houses  in  that  it  owns  and  oper¬ 
ates  large  sugar  plantations  in  Cuba  and  imports 
the  products  of  its  own  sugar  houses  and  boiling 
vats,  as  well  as  the  output  of  high  class  foreign  re¬ 
fineries.  The  manufacture  and  refining  of  sugar  as 
a  branch  of  commercial  industry  has  seen  many 
changes  during  the  sixfy-two  years  that  E.  Atkins 
&  Co.  have  been  in  business,  but  this  has  not  altered 
the  firm’s  position  in  the  trade,  except  that  it  has 
developed  with  the  business  of  handling  and  making 
cane  sugar  in  quantity.  The  offices  of  the  company 
are  at  35  Broad  street,  Boston. 

CClbolesale  Drugs. 

CHANGES  AND  DEVELOPMENT  IN  ONE  OF  BOS¬ 
TON’S  OLDEST  COMMERCIAL  LINES. 

The  wholesale  drug  business  is  one  of  those  in¬ 
dustries  that  contributed  to  the  commercial  fame  of 
Boston  in  its  earlier  days.  It,  therefore,  has  its 
romantic  as  well  as  practical  side,  and  appeals  to 
the  imagination  quite  as  strongly  as  the  mercenary 
spirit.  In  Revolutionary  days  the  drug  wholesalers 
were  counted  among  Boston’s  merchant  princes. 
The  whole  country  and  the  West  Indies  were  sup¬ 
plied  with  drugs  exclusively  through  Boston  ports, 
and  never  a  ship  came  into  Massachusetts  Bay 
without  a  consignment  of  drugs  often  more  precious 
than  gold  or  jewels.  The  local  pillpounder  in  these 
days  filled  a  humble  position,  for  the  art  of  com¬ 
pounding  drugs  was  mainly  carried  on  over  the 
seas  and  shipped  all  ready  for  use  to  this  country. 
This  state  of  things  continued  a  great  many  years, 
and  enormous  fortunes  were  made  by  the  drug 
importers  of  the  olden  time,  who  had  only  to  await 
the  arrival  of  the  ships  and  then  send  their  goods 
into  every  civilized  part  of  the  new  world. 

Eventually  other  great  importing  centres  came 
into  existence  and  the  business  was  divided,  but 
the  wholesale  drug  business  in  Boston,  while 
changed  in  character,  as  are  nearly  all  great  indus¬ 
tries  to-day,  still  maintains  an  important  place  in 
the  commercial  world,  and  has  increased  in  volume 
in  proportion  to  the  development  of  the  country. 
The  vast  majority  of  drugs  are  still  sought  from 
foreign  countries,  but  now  many  drugs  are  manu¬ 
factured  in  the  United  States. 

The  development  of  American  drug-making  has 
brought  about  one  of  the  greatest  changes  that 
have  been  wrought  in  the  industry.  Proprietary 
medicines  and  drugs  in  innumerable  tablet  form 


are  manufactured  in  such  great  quantities  in  all 
sections  of  the  country  that  a  list  would  fill  volumes. 
All  this  increases  the  great  business  of  the  whole¬ 
salers  who,  in  handling  both  American  and  foreign 
drugs,  are  doing  an  immense  business,  which  grows 
annually  and  yields  a  handsome  profit.  Boston 
wholesalers  found  the  past  year  a  good  one,  and 
say  that  1902  has  open  2d  auspiciously. 

Carter,  Carter  &  Meigs. — The  well-known 
wholesale  drug 'house  of  Carter,  Carter  &  Meigs  is 
one  of  the  most  popular  in  New  England,  and  com¬ 
mands  an  extensive  trade.  The  firm  was  established 
by  Solomon  Carter  in  1837,  the  present  firm  succeed¬ 
ing  Carter,  Carter  &  Kilham,  in  1897.  The  firm 
members  are:  Fred.  S.  Carter,  Herbert  L.  Carter 
and  Joseph  E.  Meigs. 

Fred.  S.  Carter  and  Herbert  L.  Carter  are  the 
sons  of  Solomon  Carter,  the  founder  of  the  house. 
Being  in  the  business  all  their  lives,  they  have  re¬ 
ceived  that  business  training  so  essential  to  the 
success  of  a  large  and  growing  business.  Mr. 
Joseph  E.  Meigs  also  grew  up  in  the  business. 
They  employ  in  the  daily  routine  of  the  house  nearly 
100  employees.  Among  their  travelling  repre¬ 
sentatives  are  some  of  the  oldest  and  most  popular 
wholesale  drug  salesmen  on  the  road. 

This  house  conducts  a  general  wholesale  drug 
business,  making  a  specialty  of  the  sale  of  pro¬ 
prietary  medicines.  It  is  the  oldest  house  in  its 
line  in  Boston,  with  a  constantly  increasing  trade. 
The  present  members  of  the  firm  have  been  con¬ 
nected  with  the  business  for  thirty-four  years.  For 
the  past  eight  years  the  firm  have  occupied  the 
present  location,  numbers  20  to  38  Merrimac  street, 
corner  of  Friend  street,  Boston. 

Hn  educational  Centre. 

BOSTON  THE  HOME  OF  SOME  OF  THE  COUNTRY’S 
GREATEST  SCHOOLS— ITS  EXCEPTIONAL 
FACILITIES. 

No  other  part  of  the  country  is  so  well  equipped 
for  the  education  of  its  people  as  is  New  England. 
Its  reputation  in  this  regard  is  world- wide  and  has 
increased  as  its-years  have  grown,  until  it  has  become 
a  model  for  civilization  everywhere.  And  this  is 
particularly  tru$  of  the  institutions  of  higher  learn¬ 
ing. 

In  less  than  two  and  three-quarters  centuries  the 
spirit  which  brought  the  forefathers  to  Plymouth 
Rock  has  fostered  and  increased  in  this  little  band 
of  States  to  a  degree  which  no  other  time  or  place 
has  ever  equalled,  the  desire  to  progress  by  know¬ 
ledge  and  to  help  others  on  in  the  same  path.  The 
original  purpose  was  to  educate  young  men  for  the 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 2  i 


ministry,  but  this  was  soon  developed  along  general 
lines,  with  New  England,  and  Massachusetts  in 
particular,  ever  the  leader  of  the  vanguard. 

Boston  at  once  became  the  centre  of  intellectual 
activity  in  the  Western  Hemisphere,  and  no  in¬ 
fluence  in  other  parts  of  the  country  has  been  able 
to  shake  its  position  for  a  moment.  Possessed  of 
one  of  the  finest  public  libraries  of  the  world, 
supplemented  by  great  semi-public  collections  of 
books,  which  are  generously  at  the  disposal  of  the 
students  of  the  great  classical,  scientific  and  technical 
schools,  it  has  facilities  for  educational  work  such 
as  are  obtainable  nowhere  else  on  this  continent. 
The  natural  result  is  that  its  student  population  is 
steadily  increasing  and  the  institutions  which  attract 
it  are  growing  in  ability  and  strength  accordingly. 

The  Massachusetts  Institute  of  Technology. 
— The  Massachusetts  Institute  of  Technology  was 
incorporated  in  1861 
by  the  State.  Its 
aims  are  to  provide 
instruction  in  the  sci¬ 
ences  and  their  appli¬ 
cation  to  the  arts,  in 
combination  with  such 
general  studies  as  are 
essential  for  a  liberal 
education.  Thirteen 
distinct  courses  are 
offered,  each  of  four 
years’  duration,  viz.  : 

Civil,  mechanical, 
electrical,  chemical 
and  sanitary  engineer¬ 
ing,  mining  engineer¬ 
ing  and  metallurgy, 
architecture,  chemis¬ 
try,  biology,  physics,  general  studies,  geology  and 
naval  architecture.  Thirty-four  classes  have  grad¬ 
uated,  numbering  about  2,500  persons.  For  the  sat¬ 
isfactory  completion  of  any  one  of  these  studies  the 
degree  of  Bachelor  of  Science  is  conferred  by  the 
Institute. 

While  primarily  a  school  of  applied  science,  its 
curriculum  has  by  no  means  neglected  literary,  his¬ 
torical  and  economic  study.  Students  are  accepted 
at  eighteen  years,  with  such  preparation  as  can  be 
obtained  in  public  High  Schools,  and  all  the  States 
in  the  Union  are  represented  in  its  classes. 

The  inception  of  this  school  dates  back  to  the 
foresight  of  William  Barton  Rogers,  a  professor  at 
the  University  of  Virginia,  who  went  to  Boston  in 
1853,  and  presented  plans  for  the  foundation  of  an 
institute  of  technology  to  the  members  of  the 
Legislature,  which  would  afford  opportunities  to 


the  public  at  large  for  instruction  in  the  leading 
principles  of  science  as  applied  to  the  arts  to  pro¬ 
vide  for  the  means  of  a  continuous  and  thorough 
training. 

The  tuition  fee  is  $200  a  year,  which  is  much  less 
than  the  average  cost  to  the  Institute  for  each 
student.  The  location  is  at  No.  491  Boyleston 
street,  Boston. 

Dotcl  Hospitality. 

NEW  ENGLAND  TRADITIONS  MORE  THAN 
CARRIED  OUT  TO-DAY— THE  FAMILY 
HOTEL  IN  ITS  PERFECTION. 

From  the  earliest  days  New  England  hospitality 
has  been  proverbial  for  its  wholesome  comfort, 
whether  sought  in  the  homes  of  the  people  or  at  a 
place  of  “  public  entertainment.”  Many  of  the  old- 
time  taverns  are  still  famous,  but  their  great  worth 

to  the  modern  guest 
lies  in  the  lessons  they 
handed  down  to  the 
host  of  to-day.  The 
precepts  have  been 
carefully  learned  and 
scrupulously  regard¬ 
ed,  it  would  seem. 

No  other  city  of  its 
size  has  such  hotel  ac¬ 
commodations  for  the 
temporary  visitor  or 
for  the  permanent  res¬ 
ident  as  Boston  can 
boast.  The  utmost 
care  has  developed 
perfection  of  service 
to  the  smallest  detail, 
comfort  and  conven¬ 
ience  being  the  prime  considerations.  The  arrange¬ 
ments  for  street  travel  are  such  that  it  has  been  possi¬ 
ble  to  combine  accessibility  with  desirability  of  loca¬ 
tion,  and  sites  on  the  great  avenues  and  parkways 
which  are  famous  the  world  over  have  been  utilized. 

In  the  matter  of  home  or  family  hotels  Boston  is 
particularly  fortunate.  Their  establishment  has  been 
regulated  by  the  demand  of  conservative  and  exact¬ 
ing  people,  and  so  has  kept  pace  well  with  the  most 
modern  methods  of  construction  and  furnishing. 
Luxury,  good  taste  and  reasonable  cost  have  been 
considered  alike  important,  and  the  result  is  that 
happiest  of  combinations  which  leaves  nothing  to  be 
asked  for,  nothing  that  is  not  generously  provided. 

The  Hotel  Somerset. — The  Hotel  Somerset, 
of  Boston,  located  on  Commonwealth  avenue  and 
Charlesgate  East,  is  certainly  “an  artist’s  dream.” 


•‘LOOKING  ON  THE  CHARLES.” 
( From  the  Hotel  Somerset. ) 


122 


The  Finance  and  Commerce  of  Boston  and  New  England. 


Situated  in  the  prettiest  part  of  the  city  with  pic¬ 
turesque  and  wealthy  surroundings,  it  stands  alone 
as  the  finest  hotel  structure  in  the  city.  Under  the 
personal  management  of  its  proprietor,  Mr.  C.  A. 
Gleason,  it  offers  its  patrons  the  best  accommoda¬ 
tions  and  attention.  To  the  Hotel  Somerset  an  ad¬ 
dition  is  about  being  completed,  which  includes  ioo 
more  rooms,  magnificent  ball  room,  finished  in  the 
style  of  Louis  XV.  Added  to  the  former  equip¬ 
ment,  of  banquet  hall,  palm  room,  Dutch  room  and 
Imperial  dining  hall,  etc.,  with  connecting  dressing 
and  reception  rooms,  it  constitutes  one  of  the  most 
sumptuous  hotel  properties  in  the  world.  It  is  but 
natural  that  Hotel  Somerset  should  be  selected  as 
the  stopping  place  for  Prince  Henry  of  Prussia  dur¬ 
ing  his  visit  to  Boston.  It  is  simply  an  “  Imperial 
Alliance.  ” 

Business  Safeguards. 

THE  EFFICIENCY  OF  THE  MERCANTILE  AGENCIES, 

THEIR  POPULARITY  AND  THEIR 
ACCOMPLISHMENTS. 

The  old  Boston  merchants  and  their  fellow  busi¬ 
ness  men  in  other  parts  of  New  England  have  ever 
borne  a  reputation  for  integrity  and  straightfor¬ 
ward  dealing,  and  for  enterprise  which  has  made 
them  the  ideals  of  the  world  of  trade  and  commerce. 
Strict  and  scrupulous  methods,  and  a  spirit  of 
broadminded  progressiveness  which  not  only  had 
ideas  of  its  own,  but  is  not  too  narrow  to  adopt 
those  of  others  which  seem  worthy  or  useful,  have 
been  their  characteristics  always. 

As  a  matter  of  course  the  mercantile  agencies, 
the  great  clearing  houses  of  business  credit,  found 
a  place  among  such  men  from  their  inception  and 
have  been  important  factors  in  their  dealings  every 
day  since.  They  have  been  welcomed  as  valuable 
institutions,  and  their  work  has  been  worth  pro¬ 
portionately  more  on  that  account,  for  they  have 
been  able  to  attain  to  an  extraordinary  degree  of 


accuracy  without  any  disturbance  of  business  con¬ 
ditions. 

Indeed,  it  is  doubtful  if  the  service  of  the  mer¬ 
cantile  agencies  is  more  valuable  or  more  valued 
anywhere  than  in  New  England.  In  no  other  sec¬ 
tion  of  the  country  is  its  information  more  complete 
or  exact,  and  nowhere  is  it  more  generally  made 
use  of.  It  is  unquestionable  that  the  mutual  bene¬ 
fits  of  the  mercantile  agencies  should  be  given  no 
little  credit  for  the  business  stability  of  the  six 
States  and  their  immunity  from  commercial  dis¬ 
asters. 

R.  G.  Dun  &  Co. — The  greatest  of  mercantile 
agencies  in  the  country,  R.  G.  Dun  &  Co.,  was  or¬ 
ganized  in  the  year  1841,  and  continued  to  grow 
with  marked  rapidity  until  to-day  it  stands  at  the 
head  of  their  line  of  business,  having  offices  in  all 
the  great  cities  and  represented  wherever  business 
is  transacted  throughout  the  world.  It  has  as  its 
patrons  the  leading  manufacturers,  wholesale  and 
jobbing  houses  and  bankers  of  the  United  States 
and  Canada,  besides  the  business  of  its  European 
offices.  The  expenditure  of  some  two  millions  of 
dollars  yearly  enables  the  company  to  keep  under 
constant  revision  over  1,300,000  traders  of  the  Con¬ 
tinent,  making  a  fund  of  information  which  is  con¬ 
stantly  at  the  service  of  its  patrons.  The  main  ele¬ 
ment  of  the  strength  of  the  R.  G.  Dun  Mercantile 
Agency  is  in  the  great  number  of  its  subscribers, 
exceeding  those  of  all  competitors  combined.  This 
is  so  well  known  that  it  has  long  been  accepted  as 
evidence  of  its  superiority,  as  it  represents  the  pub¬ 
lic  verdict  of  its  greater  merits.  It  follows  as  a 
logical  result  that  its  close  relations  with  its  sub¬ 
scribers  brings  about  an  exchange  of  opinions,  and 
discussions  and  analysis  of  its  reports  and  ratings 
which  is  productive  of  much  more  .correct  and  reli¬ 
able  conclusions  than  if  its  business  was  not  so  ex¬ 
tensive. 

The  Boston  office  is  at  3  Winthrop  Square  and  36 
Otis  street.  W.  B.  Powell  being  the  district 
manager. 


)V[cn  <JIbo  arc  Leaders  and  Sons  of  the  Bay 
State  have  been  Conspicuous  in  tMstory, 
and  are  Still  to  the  front. 

A  UNIVERSALLY  RECOGNIZED  TRUISM— FLESH  AND  BLOOD  OF  NEW  ENGLAND 
THE  BACK  BONE  OF  THE  NATION— IN  WAR.  IN  PEACE.  IN  BUSINESS. 

IN  INTELLECT— THEY  ARE  AMONG  THE  FIRST 

OF  THE  LAND. 


is  a  universally  recognized  truism  that 
Massachusetts  men  have  always  been  the 
backbone  and  sinew  of  the  American  na¬ 
tion.  From  primitive  Colonial  days  to  the 
present  time  of  remarkable  achievement,  the  sons 
of  the  old  Hay  State  have  gone  forth  to  battle  with 
the  intellectually  strong  of  other  parts  of  the  coun¬ 
try — in  the  business  world,  the  political  arena, 
among  the  professions,  and  in  the  field  of  art  and 
letters,  and  have  always  shown  themselves  worthy 
adversaries.  History  is  fruitful  of  instances  where 
the  men  of  Massachusetts  have  demonstrated  their 
superior  attainments  and  intellectual  acumen.  In 
no  profession  has  this  eminence  been  more  marked 
than  in  that  of  the  law.  Many  members  of  the 
Massachusetts  Bar  have  not  only  become  celebrated 
in  jurisprudence,  but  have  entered  the  larger  field 
of  politics  and  contributed  to  the  building  of  the 
State  and  the  nation.  Their  names  are  now  given 
a  conspicuous  place  on  the  pages  of  history. 

But  not  alone  has  this  State  produced  scholars 
and  statesmen ;  its  practical  business  men  and 
financiers,  while  conservative  in  their  tendencies, 
have  continually  demonstrated  their  ability  to  climb 
the  ladder  of  success.  And  the  men  of  conspicuous 
ability  are  not  all  dead.  Leaders  do  not  stand  out 
to-day  as  they  did  a  half  century  ago,  but  it  is  because 
there  are  so  many  of  them,  and  because  of  the  pres¬ 
ent  greatness  of  our  country. 


Albert  S.  Bigelow. — Many  men  are  known  by 
what  they  do  for  their  country,  their  State,  their 
place  of  residence  and  their  fellowmen.  In  the 
world  of  letters  many  men  are  known  only  by  their 
works;  in  politics  by  their  shrewdness,  and  general¬ 
ship  in  the  army  and  navy  solely  because  they  have 


gained  wonderful  victories.  Countries  have  their 
heroes  made  in  a  day,  but  the  men  behind  them  all, 
the  men  who  make  nations,  are  the  solid  legitimate 
business  men.  The  world  moves  on,  and  in  these 
modern  days  Princes  cross  the  seas  to  meet  and 
wine  and  dine  with  the  men  of  business. 

The  real  Prince  of  to-day  is  the  Prince  of  finance. 
The  men  who  build  up  great  financial  and  commer¬ 
cial  institutions.  They  who  pay  the  taxes  and  em¬ 
ploy  labor. 

In  the  foremost  rank  of  the  business  men  of  the 
old  Bay  State,  is  Albert  S.  Bigelow  born  in  the 
town  of  Hanover,  this  State,  the  ancestral  home  of 
the  Bigelow  family.  Mr.  Bigelow’s  business  inter¬ 
ests  are  many.  As  President  of  the  great  Boston 
and  Montana  Consolidated  Copper  and  Silver  Min¬ 
ing  Co.  before  it  was  absorbed  by  the  Amal¬ 
gamated,  he  was  a  prime  factor  in  all  its  many  im¬ 
portant  deals. 

His  residence  is  at  21  Fairfield  street,  and  he  has 
a,  beautiful  summer  home  at  Cohasset.  He  is  a 
member  of  the  .Somerset  Club  and  the  Country  Club 
of  Brookline. 

Joseph  A.  Coram. — Men  of  business — men  who 
have  achieved  name  and  fortune  by  their  business 
tact  and  foresight,  seldom  gain  it  except  after  years 
of  hard  work.  The  business  man  must  wait  and 
work.  His  brain  must  be  constantly  alive  to  each 
and  every  situation.  His  competition  is  great, 
other  men  of  brains  are  always  ready  to  oppose  his 
every  act.  For  these  reasons  a  man  who  has  made  a 
success  of  life  by  honorable  and  strictly  legitimate 
business  means  is  indeed  worthy  of  the  highest  com¬ 
mendation. 

In  this  respect  Mr.  Joseph  A.  Coram,  of  Boston 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 24 


has  won  for  himself  name  and  fame.  Mr.  Coram  is 
a  man  whose  great  business  interests  comprise  no 
less  than  twenty  companies  and  who  stands  practi¬ 
cally  among  the  leaders  of  those  handling  mining 
interests.  It  is  stated  that  he  has  bought  and  sold 
$40,000,000  of  mines.  He  has  controlling  interests 
in  lead,  silver,  copper,  zinc,  iron,  coal  and  gold 
mines. 

Mr.  Coram  is  at  present  President  of  the  Bingham 
Copper  and  Gold  Mining  Co.,  the  Cochiti  Gold  Min¬ 
ing  Co.,  the  Kalispeel  Water  and  Electric  Light 
Co.  and  the  Montana  Coal  and  Coke  Co.,  and  is  a 
Director  in  the  Consolidated  Mining  and  Smelting 
Co.,  the  Navaho  Mining  Co.,  the  Pennsylvania  Fur¬ 
nace  Co.  and  the  Middlesex  Safe  Deposit  and  Trust 
Co. 

The  Boston  offices  of  Mr.  Joseph  A.  Coram  are  at 
No.  60  State  street. 

Hon.  Thomas  N.  Hart. — Thrice  Mayor  and 
for  almost  half  a  century  a  leading  business 
man  and  financier,  Hon.  Thomas  Norton  Hart 
is  certainly  entitled  to  be  called  one  of  Boston’s 
most  prominent  and  most  valuable  citizens.  Mr. 
Hart’s  active  connection  with  city  politics,  in 
which  he  has  always  been  an  ardent  Republican, 
dates  back  to  1878,  when  he  was  chosen  as  a  party 
candidate  for  the  Common  Council.  He  immed¬ 
iately  sprang  into  prominence  in  that  body  and 
was  untiring  in  his  efforts  for  good  government. 
Active  and  aggressive,  he  became  a  leader  in  all 
important  debates,  and  had  the  city’s  interests 
thoroughly  at  heart.  His  record  and  his  ceaseless 
and  conscientious  work,  prompted  his  election  for  a 
second  term,  and  after  the  second  term  expired  he 
was  urged  to  accept  a  third. 

He  became  a  power  in  the  party  and  went  into 
the  Board  of  Aldermen,  where  he  served  for  seven 
years. 

In  1886  and  also  1887,  Mr.  Hart  was  the  candi¬ 
date  for  the  Mayoralty,  and  in  1888  he  was  elected 
to  that  office.  After  an  enterprising  and  successful 
term  he  was  again  nominated  and  elected. 

In  the  year  1891  he  was  appointed  Postmaster  of 
Boston,  and  in  1893  was  again  selected  Mayoralty 
candidate. 

It  was  six  years  before  Mr.  Hart  reappeared  in 
politics,  when  he  defeated  Patrick  A.  Collins  for 
the  Mayoralty  in  1899.  The  term  of  the  chief 
municipal  magistrate  had  been  extended  meantime 
to  two  years,  and  at  the  end  of  that  time  he  was 
renominated. 

Hon.  Isaac  P.  Hutchinson. — At  a  time  of  life 
when  most  men  are  but  starting  their  career,  Hon. 
Isaac  P.  Hutchinson,  of  Boston,  has  attained  a 
position  in  business  and  in  politics  which  few  men 


reach  at  all.  He  was  born  in  Cambridge  and  was 
educated  in  the  public  schools  of  his  native  city  and 
at  the  Maine  Wesleyan  Seminary. 

Mr.  Hutchinson’s  interest  and  activity  in  politics 
began  as  soon  as  he  came  of  voting  age.  From  the 
first  he  identified  himself  with  the  Republican  party, 
and  he  has  always  been  one  of  its  faithful  support¬ 
ers.  In  1890  he  was  elected  to  the  Boston  Common 
Council  from  Ward  17,  and  the  following  year  was 
sent  to  the  Legislature  as  one  of  the  representatives 
of  the  same  district.  He  was  a  candidate  for  the 
lower  branch  of  the  General  Court  again  in  1894. 
Later  he  served  two  years  in  the  State  Senate. 

After  the  resignation  of  Jesse  Gove  from  the 
Presidency  of  the  Republican  City  Committee  last 
spring  Mr.  Hutchinson  was  chosen  to  the  office,  and 
this  year  he  was  re-elected.  Six  or  seven  years  ago 
he  was  very  earnest  in  the  exposure  of  registration 
frauds,  and.  largely  through  his  efforts  a  thorough 
investigation  of  the  peculiar  election  methods  of 
certain  sections  of  the  city,  which  resulted  in  a 
prompt  reform  of  the  evil,  was  begun. 

He  is  a  member  of  the  Republican  Club  of  Mass¬ 
achusetts,  the  Lincoln  Republican  Club,  the  Mar- 
ketman’s  Club,  and  the  Grand  Lodges  of  the  Odd 
Fellows  and  the  Knights  of  Pythias. 

G.  M.  Hyams. — G.  M.  Hyams  is  a  young  man 
who  has  worked  his  way  to  success  through  the 
sheer  force  of  his  own  energy,  pluck  and  persever¬ 
ance,  and  his  ability  to  see  opportunities  and  to 
take  advantage  of  them  when  they  were  offered. 
He  started  with  little  or  nothing  and  has  accumu¬ 
lated  a  fortune,  and  to-day  is  regarded  as  a  strong 
factor  in  the  mining  world.  He  is  bright,  quick, 
progressive,  and  withal  a  fighter,  as  many  who  have 
been  pitted  against  him  can  testify. 

Mr.  Hyams’s  success  dates  from  the  starting  of 
the  great  Montana  smelter.  At  that  time  the  cop¬ 
per  mines  were  not  working  well,  and  Mr.  Hyams 
was  sent  West  to  investigate  the  difficulties  and 
apply  remedies  if  possible.  Success  crowned  his 
efforts,  and  from  that  time  he  began  to  gather  a 
great  reputation  as  a  mining  and  metallurgical  ex¬ 
pert. 

In  the  great  political  fight  between  F.  A.  Heinze 
and  W.  A.  Clark  on  one  side  and  the  Amalgamated 
on  the  other,  which  took  place  in  Montana  nearly 
two  years  ago,  Mr.  Hyams  managed  the  campaign 
for  the  Amalgamated  in  an  aggressive  manner. 
Since  resigning  his  position  in  the  Boston  and  Mon¬ 
tana  Mining  Co.  he  has  been  connected  with 
Lewis  &  Bros.,  or  the  United  Smelting  Co.  Mr. 
Hyams  is  regarded  as  more  of  a  practical  mining 
man  than  a  financier,  and  does  not  enter  promi¬ 
nently  into  speculative  affairs. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


I25 


Edwin  B.  Rice. — Edwin  B.  Rice  is  one  of  the 
young-  men  of  Massachusetts  who  has  every  neces¬ 
sary  quality  to  become  a  leader  among  his  fellows. 
Not  yet  twenty-five  years  of  age,  he  takes  hold  of 
enterprises  with  the 
dash  and  determin¬ 
ation  that  mean 
success. 

Taking  a  keen  in- 
terest  in  matters 
pertaining  to  the 
turf,  he  bought  the 
famous  pacing 
horse  Anaconda 
from  James  Butler, 
of  New  York,  for 
which  he  paid  $6,- 
500.  Anaconda 
was  foaled  in  1893, 
b.  g. ,  by  Knight, 
dam  Haggin  Mare 
by  Angora.  Last 
August  he  beat  Joe 
Patchen  at  Brigh¬ 
ton  Beach,  and  a 
few  days  later  he 
beat  Prince  Alert, 
making  his  famous 
record  of  2.01^. 

Previous  to  that, 
and  in  1900,  Ana¬ 
conda  successfully 
met  the  cracks  of 
the  turf  and  was 
heralded  as  the 
coming  pacing  won¬ 
der. 

Edwin  B.  Rice  is 
a  shrewd  business 
man  as  well,  and  it 
is  said  he  has  added 
considerably  to  the 
large  fortune  left 
him  by  his  father  some  three  or  four  years  ago. 
His  home  is  in  Boston,  though  he  spends  consider¬ 
able  of  his  time  looking  after  his  numerous  busi¬ 
ness  interests  in  the  City  of  New  York. 

Lawyers. 

BOSTON’S  HIGH  PLACE  IN  JURISPRUDENCE. 

A  cursory  glance  at  history  is  enough  to  convince 
anyone  that  from  the  earliest  days  of  the  country  to 
the  present  time  the  Massachusetts  Bar  has  occupied 
a  most  eminent  and  honored  place  in  the  legal  pro¬ 
fession  of  this  country  and  has  at  all  times  con¬ 


stituted  an  important  factor  in  American  juris¬ 
prudence.  Boston  has  been  the  home  of  many  legal 
luminaries  and  judicial  minds  whose  reputations 
have  been  coextensive  with  the  country  and  who 

have  left  their  im¬ 
press  upon  its  laws. 

The  Massachu¬ 
setts  Bar  of  to-day 
is  unquestionably 
the  peer  of  any, 
with  many  individ¬ 
ual  representatives 
who  have  demon¬ 
strated  legal  know¬ 
ledge,  ability  and 
character  of  the 
rarest  kind.  * 

The  lawyers  of 
to-day  point  with 
commendable  pride 
to  the  fact  that  Dan¬ 
iel  Webster,  while 
born  in  New  Hamp¬ 
shire  and  of  an  old 
family  of  that  State, 
studied  law  in  Bos¬ 
ton  with  Christo¬ 
pher  Gore, and  pass¬ 
ed  many  of  the 
formative  years  of 
his  life  within  the 
precincts  of  this 
Commonwealth. 
The  man  who  rep¬ 
resented  this  dis¬ 
trict  in  Congress 
and  several  in  the 
Massachusetts 
Senate  was  prop¬ 
erly  a  Massachu¬ 
setts  man.  One  of 
the  greatest  ora¬ 
tions  he  delivered 
was  at  the  laying  of  the  cornerstone  of  Bunker 
Hill  Monument  in  1825.  Webster  is  commonly 
spoken  of  to-day  as  an  orator,  but  that  he  was 
an  equally  great  lawyer  was  evidenced  by  the 
remarks  of  Judge  Wayne  of  the  Supreme  Court  of 
the  United  States.  In  the  famous  case  of  Gibbon 
v.  Ogden,  which  involved  the  constitutional  right 
of  the  State  of  New  York  to  grant  monopolies  to  its 
tide  waters,  Webster  appeared  and  Judge  Wayne 
said  that  his  argument  “  released  every  creek  and 
river,  every  lake  and  harbor  in  the  country  from  the 
interference  of  monopolies.” 

The  next  greatest  name  among  the  famous  law- 


UNION  AND  MAYFLOWER  CLUBS. 

The  Union  Club  is  a  representative  organization  of  the  Bench  and 
Bar ,  though  other  professions  than  the  Bar  are  worthily  represented 
in  its  membership.  It  was  organized  during  the  Civil  War,  and  had 
as  its  first  president  Edward  Everett. 

'1  he  Mayflower  Club,  close  by,  is  a  social  down-town  club  of  Boston 
women  organized  in  iSgj.  The  rooms  are  furnished  with  periodicals, 
and  conveniences  for  writing,  and  the  restaurant  is  especially  inviting. 
Its  membership  numbers  about  joo. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 26 


yers  of  the  Massachusetts  Bar  was  that  of  Rufus 
Choate.  This  eminent  advocate  and  orator  was  a 
native  of  this  State,  was  educated  here  and  practised 
law  here.  After  his  death  he  was  acknowledged  to 
have  been  the  leader  of  the  Massachusetts  Bar. 
Lemuel  Shaw  was  another  whose  judicial  reputation 
was  second  only  to  Theophilus  Parsons.  Shaw  was 
the  man  who  drafted  the  original  charter  of  the 
City  of  Boston.  Moses  Parsons  and  his  son,  The¬ 
ophilus  Parsons,  were  both  great  jurists  in  their 
times.  Theophilus  was  the  Dane  professor  of  law 
at  Harvard,  and  wrote  many  legal  works  which  are 
regarded  as  authorities  to-day. 

Benjamin  Franklin  Butler,  who  was  distinguished 
in  Democratic  politics  of  the  State  and  nation,  was 
the  “greenback”  candidate  for  President  in  1884, 
and  won  an  admirable  record  in  the  Civil  War,  was 
a  member  of  the  Massachusetts  Bar.  Benjamin 
R.  Curtis  was  a  true  product  of  this  State.  He  was 
one  of  the  counsel  who  defended  President  Johnson 
on  his  trial  before  the  Senate. 

Joseph  Storey,  the  celebrated  jurist  and  con¬ 
stitutional  lawyer  of  the  school  of  Marshall,  was 
born  in  Massachusetts  and  admitted  to  its  Bar.  He 
was  a  noted  writer  and  became  Associate  Justice  of 
the  Supreme  Court  of  the  United  States.  The  name 
of  Richard  H.  Dana,  lawyer  and  writer,  is  another 
to  be  added  to  the  list  of  famous  men  of  the  Mass¬ 
achusetts  Bar;  also  that  of  Caleb  Cushing,  jurist, 
scholar,  diplomat  and  Justice  of  the  Supreme  Court 
of  Massachusetts. 

Many  names  could  be  quoted  of  lawyers  who  ac¬ 
quired  great  fame  in  this  State  and  who  were  the  con¬ 
temporaries  of  many  now  practising  law  in  this  city. 
John  Lowell  was  appointed  Judge  of  the  District 
Court  of  the  Massachusetts  District  by  President 
Lincoln,  in  recognition  of  his  great  ability  as  a 
jurist.  His  father  and  grandfather  before  him  held 
the  same  position.  In  the  department  relating  to 
bankruptcy  he  was  the  most  distinguished  Judge  in 
the  United  States.  Sydney  Bartlett,  who  died  at 
an  advanced  age,  in  1899,  was  a  leader  of  the  Suf¬ 
folk  County  Bar,  and  for  many  years  was  recog¬ 
nized  by  the  Supreme  Court  of  the  United  States  as 
the  ablest  lawyer  in  the  country  who  appeared  before 
that  tribunal.  Nathan  Morse,  Henry  Sweetzer, 
Robert  ().  Smith,  Henry  W.  Merwin  and  Henry  W. 
Paine  were  Boston  lawyers  whose  names  are  spoken 
reverently  by  the  legal  lights  of  to-day;  and  there 
were  others  who  were  a  great  credit  to  the  profession. 

Many  changes  and  developments  have  come  about 
in  the  practice  of  law  to-day.  The  tendency  has 
been  to  specialize. 

Elder,  Wait  &  Whitman. — A  law  firm  that  has 
attained  great  prominence  in  Boston  through  re¬ 


markable  success  in  the  trial  of  important  cases  is 
Elder,  Wait  &  Whitman,  which  includes  Mr. 
Samuel  J.  Elder,  Mr.  William  C.  Wait  and  Mr.  Ed¬ 
mund  A.  Whitman.  This  firm  was  established  in 
1890,  and  since  then  has  been  engaged  in  general 
law  practice  and  copyright.  The  offices  are  located 
in  the  Pemberton  Building  in  Pemberton  Square. 
Mr.  Samuel  J.  Elder  was  chairman  of  the  Republi¬ 
can  State  Convention  in  1901.  He  was  counsel  for 
Prof.  Eastman  in  the  famous  murder  trial  in  Cam¬ 
bridge,  and  defended  the  interests  of  Rev.  Mary 
Baker  G.  Eddy  in  the  trial  of  a  suit  brought  by  Mrs. 
Josephine  C.  Woodbury. 

Gaston,  Snow  &  Saltonstall. — Among  the  rep¬ 
resentative  legal  firms  of  Boston  which  make  a 
specialty  of  mercantile  and  corporation  business  is 
the  association  of  Gaston,  Snow  &  Saltonstall. 
This  firm  was  originally  established  in  the  year 
1893  under  the  name  of  Gaston  &  Snow,  which  suc¬ 
ceeded  to  the  business  of  the  old  Boston  legal  firm 
of  Gaston  &  Whitney,  the  senior  members  of  which 
were  William  A.  Gaston’s  father,  ex-Governor 
William  Gaston  and  Charles  L.  B.  Whitney.  Will¬ 
iam  A.  Gaston,  the  head  of  the  present  firm,  was 
the  junior  member  of  the  old  firm  of  Gaston  & 
Whitney.  Subsequently  Mr.  Whitney  retired,  and 
Mr.  Frederic  E.  Snow  was  taken  into  partnership. 
In  1891  William  Gaston,  Sr.,  retired  from  active 
practice,  and  later  Mr.  Richard  M.  Saltonstall  was 
associated  with  Messrs.  Snow  and  Gaston.  The 
practice  of  this  firm  has  been  of  the  highest  char¬ 
acter,  and  their  clientele  is  drawn  from  the  largest 
and  most  representative  business  men  and  firms  of 
the  New  England  States.  Col.  William  A.  Gaston 
holds  a  high  place  among  Boston’s  most  influential 
citizens.  As  Director  of  the  Massachusetts  Na¬ 
tional  Bank  in  Boston,  as  Trustee  of  the  Proprietors 
of  Forest  Hills  Cemetery,  and  as  President  of  the 
Boston  Elevated  Railway,  Col.  Gaston  distinguished 
himself. 

During  the  three  terms  of  Gov.  Russell  he  was 
Assistant  Adjutant  General  on  the  Governor’s  staff. 

Herbert  Parker. — No  man  in  the  State  is  more 
deservedly  popular  or  numbers  more  warm  personal 
friends  than  Herbert  Parker,  the  new  Attorney 
General  for  Massachusetts. 

Mr.  Parker  was  born  fifty-six  years  ago  in  Charles¬ 
town,  Mass.  After  graduating  from  Harvard  in  the 
class  of  ’78  he  studied  law  with  George  F.  Hoar,  and 
subsequently  practised  in  Clinton  and  Worcester. 
He  has  devoted  most  of  his  life  to  the  practice  of 
his  profession,  but  the  few  political  offices  he  has 
held  have  been  administered  well.  He  is  a  Di¬ 
rector  of  the  Citizens’  National  Bank  of  Worcester, 
and  holds  other  positions  of  trust  in  that  city. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


1 27 


Thomas  W.  Proctor. — An  able  and  brilliant  law¬ 
yer  and  a  genial  man  personally,  Thomas  William 
Proctor  has  developed  a  large  clientage  and  a  wide 
circle  of  friends.  He  was  born  in  Hollis,  N.  H.,  No¬ 
vember  20,  1858.  His  early  education  was  obtained 
in  the  public  schools  of  his  native  town,  and  he  was 
prepared  in  the  Lawrence  Academy,  Groton,  for 
Dartmouth  College,  from  which  he  was  graduated 
in  the  class  of  1879.  After  a  short  service  as  Prin¬ 
cipal  of  the  Groton  High  School  he  entered  the 
Boston  Law  School,  where  he  studied  for  one  year 
and  was  admitted  to  the  Bar  of  Suffolk  County  in 
October,  1883.  He  practised  law  until  July,  1884, 
when  he  was  appointed  clerk  to  District  Attorney 
Stevens.  After  four  months  he  resigned,  and  with 
Samuel  J.  Elder  and  John  H.  Hardy  formed  the 
law  firm  of  Hardy,  Elder  &  Proctor. 

In  December,  1886,  he  was  appointed  Second 
Assistant  District  Attorney,  and  a  year  later  was 
made  First  Assistant.  He  resigned  May  1,  1891, 
and  was  appointed  Assistant  City  Solicitor.  This 
office  he  resigned  in  February,  1894,  and  after  prac¬ 
tising  law  alone  until  October  1  of  the  same  year 
formed  a  partnership  with  Robert  W.  Nason,  under 
the  style  of  Nason  &  Proctor.  Their  offices  were 
located  at  246  Washington  street  until  last  March, 
when  they  moved  to  Barristers’  Hall,  where  they 
are  now  located.  Mr.  Proctor  is  a  general  practi¬ 
tioner  and  spends  most  of  his  time  trying  cases. 
Mr.  Proctor  is  a  Democrat  of  the  old  type.  He  is 
a  member  of  the  University  Club,  the  Curtis  Club 
and  the  Beacon  Society.  , 

Wright,  Brown  &  Quinby. — The  firm  of  Wright, 
Brown  &  Quinby,  patent  lawyers,  whose  offices  are 


in  the  Exchange  Building  at  53  State  street,  is  now 
composed  of  Charles  F.  Brown  and  William  Quinby, 
the  former  third  member;  Col.  Carroll  D.  Wright 
having  retired  in  1880  to  become  United  States 
Commissioner  of  Labor  at  Washington,  D.  C.  The 
firm  was  established  in  1866,  and  was  then  Wright 
&  Browm.  In  1885  Arthur  W.  Crossley  was  taken 
into  partnership,  and  the  title  of  the  firm  was 
Wright,  Brown  &  Crossley  until  1894,  when  Mr. 
Crossley  withdrew  and  William  Quinby  took  his 
place. 

Mr.  Brown  is  now  the  senior.  He  was  born  in 
Hampden,  Me.,  October  21,  1848.  He  received  his 
early  education  in  the  common  schools  and  the 
academy  of  his  native  city.  He  studied  law  in  the 
office  of  an  important  law  firm  in  Washington,  and 
practised  law  in  the  national  capital,  making  a 
specialty  of  patent  rights,  until  1874,  when  he  came 
to  Boston. 

Mr.  Quinby  is  a  native  of  Sandwich,  N.  H.  He 
was  graduated  from  Dartmouth  College  and  the 
Law  Department  of  Columbia  University  in  Wash¬ 
ington.  After  leaving  college  he  was  for  several 
years  Examiner  of  Patents  in  the  Patent  Office  at 
Washington.  He  resides  in  Cambridge. 

The  early  careers  of  both  Mr.  Brown  and  Mr. 
Quinby  were  such  as  to  equip  them  well  for  looking 
after  the  interests  of  patentees,  and  a  long  and 
wide  experience  and  ripe  erudition  placed  them 
among  the  leading  patent  lawyers  of  the  State. 
They  are  retained  by  large  manufacturers  and 
great  corporations,  and  in  recent  years  have  had  to 
do  especially  with  boot  and  shoe  machinery,  textile 
machinery  and  automobiles. 


Lowell,  JVIasQ.,  a  progressive,  prosperous  and 
famous  City  in  the  Universe  of  Business, 
as  a  pioneer  in  Cotton  Manufac¬ 
turing  she  has  no  Peer. 

FEW  INDUSTRIAL  CENTRES  HAVE  SUCH  A  REMARKABLE  RECORD— NONE  HAVE 
BRIGHTER  PROSPECTS  IN  THE  FUTURE— HOW  THIS  CITY  CAME  BY 
ITS  NAME— IT  SUPPORTS  ONE  HUNDRED  AND  FIFTY 
DIFFERENT  KINDS  OF  INDUSTRIES. 

* 


SEW  industrial  cities  have  such  a  remark¬ 
able  record  for  development  as  has  Lowell, 
the  fourth  city  of  Massachusetts  and  one 
of  the  greatest  cotton  manufacturing  cen¬ 
tres  in  the  United  States.  Fewer  have  a  brighter 
prospect  in  their  future. 

Scarcely  a  year  ago  Lowell  celebrated  the  seventy- 
fifth  anniversary  of  its  birth  as  a  city.  It  first  took 
its  present  name  in  1826  as  an  honor  to  Francis 
Cabot  Lowell,  the  pioneer  to  whom  the  place  owes 
the  establishment  of  its  great  cotton-making  indus¬ 
try  Previous  to  that  it  had  been  a  part  of  the  town 
of  Chelmsford.  Francis  Cabot  Lowell,  Nathan  Ap¬ 
pleton  and  Patrick  T.  Jackson  had  been  associated 
in  a  cotton  manufacture  enterprise  at  Waltham.  In 
1820 — three  years  after  Lowell’s  death — Appleton 
and  Jackson  looked  into  the  possibilities  of  the 
Merrimac  River  as  a  water  power  for  large  factories, 
and  within  three  years  the  nucleus  of  the  vast  mills 
of  to-day  was  building. 

Some  years  before  Appleton  and  Jackson,  who 
had  associated  Kirk  Boott  with  themselves,  went  on 
their  prospecting  expedition,  a  canal  had  been 
built  around  the  Pawtucket  Falls  to  open  naviga¬ 
tion  to  and  from  the  towns  on  the  upper  part 
of  the  Merrimac.  In  this  these  pioneer  spinners 
saw  their  opportunity,  and  they  promptly  bought 
out  the  owners  of  the  canal  and  organized  the  first 
cotton  manufacturing  company,  which  was  incor¬ 
porated  eighty  years  ago  this  month  and  began  ac¬ 
tive  operations  a  year  and  a  half  later.  Nine  other 
mills  and  the  great  machine  shops,  which  became  a 


necessary  adjunct,  followed  rapidly  within  the  next 
score  of  years,  and  to-day  not  less  than  $15,000,000 
are  employed  in  this  one  of  the  city’s  150  different 
kinds  of  industries. 

'Che  Uremendous  Cdatcr 
power. 

The  wonderful  water  power  which  has  played 
such  a  part  in  Lowell’s  growth  and  accumulation  of 
wealth  is  now  distributed  through  five  different 
canals,  which  aggregate  as  many  miles  in  length. 
They  furnish  25,000  horse-power  all  told,  the  privi¬ 
leges  being  leased  to  the  various  concerns  which  use 
them.  The  ownership  is  in  the  hands  of  the  corpor¬ 
ation  known  from  its  early  days  as  the  Proprietors  of 
the  Locks  and  Canals  on  the  Merrimac  River,  which 
has  a  Directorate  composed  of  the  Treasurers  of  the 
various  mill  companies.  Incorporated  in  1792  with 
a  capital  of  $50,000  this  important  factor  in  the 
Spindle  City’s  prosperity  is  now  capitalized  at 
$600,000. 

Besides  the  cotton  products  which  are  its  staple, 
Lowell  makes  a  startling  array  of  things.  Not 
counting  the  great  cotton  mills,  it  boasts  some  800 
different  maniifacturing  concerns,  all  of  them  flour¬ 
ishing  in  steady  growth  and  prosperity. 

Lowell’s  greatest  growth  has  been  in  the  last  quar¬ 
ter-century,  during  which  time  the  population 
doubled,  being  now  in  the  neighborhood  of  100,000. 
Its  wealth  has  nearly  doubled  in  the  same  time. 


The  Finance  and  Commerce  of  Boston  and  New  England. 


129 


Since  it  was  founded  its  territorial  area  has  been  in¬ 
creased  from  four  square  miles  to  eight,  until  now 
its  total  valuation  is  more  than  $70,000,000,  an  in¬ 
crease  of  $10,000,000  in  ten  years.  The  per  capita 
wealth  has  been  computed  as  $815  and  the  per  capita 
debt  as  $33. 

Of  the  people  of  the  Spindle  City  22,000  are  mill 
employees,  many  of 
them  French  Cana¬ 
dians.  The  popu¬ 
lation  is  somewhat 
cosmopolitan,  in¬ 
cluding  many  Irish, 

English,  Swedes, 

Armenians  and 
other  foreigners. 

As  far  back  as  the 
early  forties,  when 
Charles  Dickens, 
the  great  novelist, 
visited  this  country 
and  made  a  stay  in 
Lowell,  the  city 
was  noted  for  the 
intelligence  and 
good  conduct  of  its 
working  people,  and 
it  is  one  of  its  proud¬ 
est  boasts  that  there 
is  no  mill  commu¬ 
nity  in  the  country 
where  there  have 
been  fewer  labor 
disturbances  and 
where  the  average 
of  morality,  intelli¬ 
gence,  industry  and 
thrift  of  the  opera¬ 
tives  is  higher. 

The  good  name  and  prosperity  of  the  city  are  in  no 
small  measure  attributable  to  these  enviable  con¬ 
ditions. 

With  its  mercantile  development,  Lowell  has,  of 
course,  become  a  more  active  shipping  point  every 
year.  Its  railroad  facilities  have,  however,  kept 
pace  with  its  necessities  and  an  immense  amount  of 
traffic,  both  passenger  and  freight,  is  handled  at  its 
two  stations.  It  was  one  of  the  first  places  to  be 
connected  with  Boston  by  rail,  in  1835,  and  now  it 
is  one  of  the  most  important  distributing  points  on 
the  great  trunk  line  system  which  runs  to  the  North 
and  East  and  West. 

Fortunate  in  many  ways,  Lowell  is  more  fortunate 
in  none  than  in  its  civic  government  and  the  de¬ 
partments  included  under  its  management.  Its 
police  and  fire  departments  have  won  noteworthy 


commendation  and  its  public  school  system  is  quite 
up  to  the  high  New  England  standard  of  education. 
Its  public  buildings  are  handsome  and  commodious 
and  are  all  of  them  modern.  A  public  library  of 
60,000  volumes  and  a  memorial  hall  filled  with 
patriotic  and  historical  relics  and  commemorative 
tablets  have  a  fine  building  which  was  especially 

erected  for  their  ac¬ 
commodation.  The 
city  has  many  fine 
examples  of  church 
architecture,  and 
several  of  the  pri¬ 
vate  residences  and 
estates  will  com¬ 
pare  favorably  with 
those  to  be  seen  in 
the  suburbs  of  much 
larger  places. 

An  attraction  of 
which  Lowell  is 
very  proud,  and 
with  much  reason, 
is  her  park  system. 
The  principal  park 
is  at  Fort  Hill, 
which  gives  a  beau¬ 
tiful,  far  reaching 
view  that  includes 
the  mountains  of 
New  Hampshire 
and  those  which  lie 
to  the  south  and 
west,  and  passes 
over  the  splendid 
valleys  of  the  Con¬ 
cord  and  Merrimac, 
crowded  with  his¬ 
tory  and  legends. 
It  is  easily  and  quickly  reached  from  the  heart  of 
the  business  quarter  of  the  city  by  electric  cars. 

The  social  life  of  the  Spindle  City  is  much  more 
attractive  than  is  usual  in  a  manufacturing  com¬ 
munity.  Club  and  other  social  organizations  are 
numerous,  the  fraternal  organizations  being  par¬ 
ticularly  well  represented.  The  public  charities  are 
splendidly  conducted  and  nowhere  can  there  be 
shown  a  better  record  for  generous  efficiency. 

The  city  is  well  supplied  with  modern  homes — 
houses  and  apartments — and  considering  the  lively 
demand  which  results  from  its  rapid  growth  rentals 
are  exceedingly  moderate.  Home  influences  are 
excellent  All  of  the  leading  Protestant  denomi¬ 
nations,  the  Roman  Catholic  faith  and  the  Jewish 
sects  are  represented  in  the  church  life.  The  great 
associations  which  are  the  allies  of  the  religious 


CITY  HALL,  LOWELL,  MASS. 


I3° 


The  Finance  and  Commerce  of  Boston  and  New  England. 


bodies  everywhere  are  vigorous  and  have  done  much 
for  the  city’s  good.  The  broad-mindedness  and 
liberality  which  the  great  corporations  have  always 
shown  in  all  their  dealings  with  their  employees  are 
recognized  as  having  no  mean  share  in  the  general 
well  being,  too. 

The  municipality,  the  Board  of  Trade  and  the 
citizens  at  large  stand  ever  ready  for  any  service 
which  might  make  Lowell  attractive  to  the  new¬ 
comer.  Generous  inducements  are  offered  to  capital 
to  seek  locations  there,  and  to  the  spirit  of  friend¬ 
liness  and  helpfulness  which  is  characteristic  of  the 
place  in  all  its  dealings,  is  owing  in  some  part, 
certainly,  its  prosperous  increase  in  every  way. 

With  such  a  history  of  constant  growth,  of  virile 
strength,  of  worthy  achievement,  with  such  natural 
advantages  and  such  modern  facilities,  it  is  not  to 
be  wondered  at  that  Lowell  is  growing  in  popu¬ 
lation  at  the  rate  of  about  4,000  a  year  and  that  its 
fame  as  a  manufacturing  centre  has  spread  to  the 
utmost  ends  of  the  earth. 

patent  JYIediclms. 

There  is  one  line  of  business  in  which  Lowell  is 
pre-eminent — the  manufacture  of  patent  medicines. 
The  great  establishments  which  have  made  the  city 
their  home  since  its  young  days  have  grown  up 
with  it  astoundingly,  and  there  is  not  a  country  on 
the  face  of  the  earth  to  which  they  have  not  pene¬ 
trated. 

The  J.  C.  Ayer  Co. — It  was  way  back  in  the  early 
forties  when  Dr.  J.  C.  Ayer,  the  founder  of  the  J. 
C.  Ayer  Co.  of  Lowell,  Mass.,  first  began  com¬ 
pounding  his  Cherry  Pectoral.  He  was  a  young 
druggist  at  the  time,  but  increased  sales  of  his 
medicine  soon  required  his  entire  attention,  and  in 
1848  he  started  a  factory  of  his  own. 

The  business  moved  from  place  to  place  as  its 
increasing  volume  required  greater  room,  until  in 
1857  it  settled  in  its  present  location,  which  has  been 
enlarged  and  remodeled  time  and  again.  Dr.  Ayer 
was  a  born  advertiser.  In  1852  he  began  the  pub¬ 
lication  of  the  now  famous  almanac,  a  novelty  at 
that  time,  to  increase  the  fame  of  the  Cherry  Pec¬ 
toral.  Taking  into  partnership  his  brother,  Fred¬ 
erick  Ayer,  in  1855,  the  doctor  found  more  time  for 
experimental  work,  and  in  a  short  time  other  medi¬ 
cines — Ayer’s  Pills,  Ayer’s  Sarsaparilla  and  Ayer’s 
Ague  Cure — were  perfected  and  placed  upon  the 
market.  In  1869  Ayer’s  Hair  Vigor  was  first  pro¬ 
duced,  and  the  business  grew,  waxed  strong,  and 
the  advertising  became  more  extensive,  and  besides 
a  large  amount  of  poster  and  newspaper  advertising, 
an  average  edition  of  eight  millions  of  almanacs 
were  distributed  annually. 


The  ceaseless  activity  in  which  Dr.  Ayer  lived 
had  naturally  begun  to  tell  upon  his  health,  and 
though  he  had  abundant  leisure  in  his  latter  days, 
his  crowding  care  told  upon  his  vigorous  consti¬ 
tution,  and  he  died  in  1878,  at  the  age  of  sixty.  He 
was  a  man  of  indomitable  energy,  pluck  and  per¬ 
severance,  and  built  up  an  establishment  which  has 
become  famous  throughout  the  world. 

The  present  General-Manager  and  Treasurer,  Dr. 
Charles  H.  Stowell,  is  eminently  fitted,  both  by 
education  and  experience,  to  take  up  and  continue 
the  great  work  begun  by  Dr.  Ayer.  Dr.  Stowell 
was  graduated  from  the  medical  department  of  the 
University  of  Michigan  in  1872,  and  after  practising 
medicine  for  three  years  in  Syracuse,  N.  Y.,  was 
recalled  to  his  alma  mater  to  fill  a  professorship, 
where  he  remained  for  thirteen  years.  During  this 
time  he  held  three  professorships,  one  each  in  the 
medical,  literary  and  law  departments.  He  is  the 
author  of  a  number  of  books,  some  of  which  have 
been  extensively  used  as  text-books,  and  are  so 
known  to-day. 

The  main  office  covers  considerably  over  7,000 
square  feet,  and  is  a  fine  example  of  the  convenient 
business  office  of  to-day.  No  expense  has  been 
spared  in  its  equipment.  Nearly  one-half  of  this 
great  room  is  devoted  to  the  advertising  department. 

The  percolating  room,  where  the  first  step  in 
compounding  the  Ayer  remedies  is  taken,  is  a  great 
room  the  same  size  as  the  main  office  four  stories 
below  it,  and  seems  to  typify  the  cleanliness  and 
wholesome  methods  which  characterize  the  Ayer 
process.  This  room  has  a  series  of  great  copper 
stills,  and  a  tankage  capacity  of  over  28,000  gallons. 

Slcctric  Lighting. 

The  electric  lighting  system  of  the  Spindle  City 
includes,  of  course,  both  arc  and  incandescent 
lamps,  and  into  its  service  every  improvement  is 
introduced  promptly  upon  its  appearance.  The 
plant  which  furnishes  the  current  is  one  of  the  best 
equipped  of  those  in  the  smaller  cities  in  the  coun¬ 
try. 

Lowell  Electric  Light  Corporation. — The 
Lowell  Electric  Light  Corporation  was  organ¬ 
ized  in  1881.  The  company  is  capitalized  at 
$400,000.  Since  January,  1899,  the  company  has 
been  under  the  management  of  Stone  &  Webster, 
who  made  extensive  additions  to  the  equipment, 
and  the  plant  is  now  capable  of  the  best  of  service. 
It  gives  Lowell  the  lowest  meter  rate  in  Massachu¬ 
setts.  The  officers  are:  F.  R.  Hart,  President; 
Russell  Robb,  Vice-President;  H.  B.  Sawyer, 
Treasurer  and  B.  H.  Dibblee,  Secretary.  Besides 
Messrs.  Hart  and  Robb,  the  members  of  the  Board 


The  Finance  and  Commerce  of  Boston  and  New  England. 


x3 1 


of  Directors  are:  E.  S.  Webster,  G.  W.  Lee,  R.  T. 
Paine,  2d,  L.  S.  Webster  and  C.  A.  Stone.  The 
company  employs  nearly  three  score  of  people  in 
the  City  of  Lowell,  and  is  giving  their  patrons  in 
that  city  the  most  satisfactory  service.  The  main 
offices  are  located  at  28  Bridge  street,  and  their 
magnificent  and  excellently  equipped  power  sta¬ 
tion  is  on  Perry  street.  The  following  statement 
shows  the  progress  that  has  been  made  by  the 
Lowell  Electric  Light  Corporation  in  the  past  three 
years : 


Gross 

Station 

No.  inc.  16 

No.  arc 

H.  P. 

receipts 

cap.  in 

c.  p.  equiv. 

lamp 

motors 

for  year. 

K.  W. 

con. 

con. 

connected. 

1899 

•  $136,000 

1  >  55  2 

22,940 

1,013 

I,253 

1900 

.  158,000 

2,203 

28,966 

1  ? 2  33 

1,788 

1901 

.  179,000 

CO 

32,788 

L3W 

1,869 

Gas  Light  Service. 

The  public  service  of  this  progressive  city  is  ad¬ 
mirable.  It  is  splendidly  lighted  by  gas,  the  mains 
for  which  have  been  so  extended  as  to  make  the 
illuminant  available  to  all  of  its  people.  The  gas 
is  of  excellent  quality  and  is  so  supplied  as  to  be 
most  economical.  All  the  modern  devices  for  heat¬ 
ing  and  cooking  by  gas  are  made  easily  available  to 
the  consumer. 

Lowell  Gas  Light  Co. — No  firm  or  corpor¬ 
ation  has  a  firmer  place  in  the  business  world 
than  a  long-established  lighting  company,  and  the 
Lowell  Gas  Light  Co.,  with  its  record  of  fifty- 
two  years  of  efficient  service  of  the  citizens  of 
Lowell,  Mass.,  is  no  exception  to  the  general  rule. 
Established  in  1849  as  manufacturers  of  illuminat¬ 
ing  gas,  coke,  coal-tar  and  ammonical  liquor,  this 
company  has  been  uniformly  successful  in  its  busi¬ 
ness  life,  and  has  grown  with  the  city  which  it  sup¬ 
plies  with  light.  To-day  it  employs  some  150  men, 
and  its  pipes  form  a  veritable  network  beneath  the 
streets  of  Lowell.  It  is  capitalized  for  the  sum  of 
$650,000.  The  affairs  of  the  corporation  have 
always  been  in  the  hands  of  business  men  of  con¬ 
servative,  yet  progressive  tendencies,  and  as  a  result 
this  company  is  firmly  established  as  one  of  the 
business  institutions  of  this  bustling  mill  city.  Its 
present  management  is  in  the  hands  of  a  president, 
treasurer  and  board  of  seven  directors,  as  follows: 
President,  Jacob  Rogers;  Treasurer,  George  S. 
Motley;  Directors,  S.  G.  Mack,  Levi  Sprague,  A. 
G.  Cumrock,  Jacob  Rogers,  George  S.  Motley, 
Edward  M.  Tucke  and  Edward  N.  Burke.  Modern 
appliances  and  modern  methods  characterize  the 
large  plant  of  the  company,  and  the  output  is  a  very 
high  quality  of  illuminating  gas  and  the  by-products 
which  enter  into  so  many  other  manufacturing  in¬ 
dustries  of  the  day. 


Banking  facilities. 

Lowell’s  banking  facilities  are  exceptional,  for 
employers  and  employed  have  always  been  alike 
prosperous.  The  nine  national  banks  have  a  com¬ 
bined  capital  of  $2,300,000  and  undivided  profits  of 
$1,250,000,  and  beside  them  there  are  two  trust 
companies  and  seven  savings  institutions. 

The  Traders’  National  Bank  of  Lowell,  Mass. 
— As  an  illustration  of  success,  developed  within  a 
few  years,  in  a  conservative  business,  there  is  sel¬ 
dom  found  a  more  remarkable  case  than  that  of  the 
Traders’  National  Bank  of  Lowell,  Mass.  This 
bank  opened  for  business  on  July  1,  1892.  Its  de¬ 
posits  on  December  31,  1892,  amounted  to  $299,- 
021.98.  Eight  years  later  the  deposits  had  increased 
to  $2,988,870.80,  or  nearly  tenfold.  Such  a  result 
as  that  could  only  have  been  accomplished  with  the 
best  of  management,  the  wisest  judgment  and  the 
most  careful  business  methods. 

With  these  facts  in  view,  it  is  interesting  to  note 
the  names  of  the  officials  who  are  responsible  for 
this  success.  They  are:  President,  Chas.  J.  Glid- 
den;  Vice-President,  William  F.  Hills;  Cashier, 
Frederic  A.  Holden;  Directors,  John  C.  Burke, 
Michael  Corbett,  Solomon  K.  Dexter,  Chas.  J. 
Glidden,  Othello  O.  Greenwood,  William  F.  Hills, 
James  H.  Mills,  Clarence  H.  Nelson,  AsaC.  Russell, 
Robert  Simpson  and  Jesse  N.  Trull. 

The  Traders’  National  Bank  has  a  central  and 
convenient  situation  on  Middlesex  street  and  Post 
Office  avenue,  Lowell,  Mass.,  a  site  which  is  next 
door  to  the  Post  Office.  This  bank  makes  a  spec¬ 
ialty  of  bank  collections  in  Lowell,  Lawrence  and 
Haverhill,  Mass.,  and  Nashua,  N.  H.  It  has  a  For¬ 
eign  Exchange  department,  also  a  Savings  depart¬ 
ment,  and  a  suite  of  elegantly  appointed  rooms  for 
lady  patrons  which  enables  this  bank  to  make  a 
specialty  of  handling  women’s  accounts. 

JMaking  Stockings. 

An  interesting  branch  of  Lowell’s  textile  indus¬ 
tries  is  the  manufacture  of  stockings.  The  setting 
up  of  knitting  machines  marked  a  decided  advance 
on  America’s  part  in  furnishing  the  world  with  its 
styles  and  with  the  means  of  meeting  fashion’s  ex¬ 
acting  requirements.  The  Lowell  stocking  mills 
have  had  their  weight  in  disproving  the  old-fash¬ 
ioned  idea  that  to  be  good  fine  articles  of  personal 
wear  must  be  imported,  and  in  establishing  the  fact 
that  no  goods  can  be  better  than  those  “  made  in 
New  England.” 

Shaw  Stocking  Co. — The  trade  mark,  “Shaw- 
knit,”  is  a  familiar  one  to  almost  everybody  in  New 


13  2 


The  Finance  and  Commerce  of  Boston  and  New  England. 


England,  and  it  is  known  throughout  the  country. 
Hosiery  bearing  the  “  Shawknit  ”  trade  mark  is  the 
product  of  the  mills  of  the  Shaw  Stocking  Co  ,  a 
corporation  established  on  October  16,  1877,  under 
a  Massachusetts  charter,  with  a  capital  of  8360,000. 
Of  the  three  mills  operated  by  this  concern  in 
Lowell,  Mass.,  two  are  devoted  to  the  manufacture 
of  hosiery,  including  cotton,  wool  merino,  linen, 
worsted  and  lisle.  The  third  mill,  which  is  a  re¬ 
cent  addition,  having  been  started  in  May,  1901,  is 
used  for  the  manufacture  of  fine-combed  Egyptian 
yarns  from  which  the  hosiery  is  made.  These  mills 
employ  550  operatives.  By  making  its  own  yarns 
this  company  is  enabled  to  see  that  only  the  finest 
grades  of  cotton  are  used  and  also  to  determine 
that  none  but  skilled  operatives  be  employed  in 
producing  the  yarns.  This  concern  also  dyes  its 
yarns,  using  a  variety  of  colors,  and  thus  it  is  pos¬ 
sible  to  insist  upon  fast  and  safe  colors.  About  100 
different  styles  are  shown. 

The  officers  of  the  Shaw  Stocking  Co.  are:  Presi¬ 
dent,  Frank  J.  Dutcher;  Treasurer  and  Manager, 
William  E.  Hall;  Superintendent,  Chas.  F.  Libby; 
Directors,  Frank  J.  Dutcher,  E.  W.  Thomas,  Amasa 
Pratt,  John  Scott,  E.  A.  Thissell,  F.  R.  Shedd,  O. 
H.  Moulton,  George  A.  Draper  and  George  S. 
Motley. 

Hmmunition. 

Every  sportsman  in  the  country  knows  the  am¬ 
munition  which  comes  from  the  Spindle  City,  no 
doubt,  and  foreigners  have  been  making  its  ac¬ 
quaintance  rapidly  and  with  much  mutual  satisfac¬ 
tion  in  the  last  few  years.  Indeed,  it  would  be 
hard  to  find  another  place  so  generally  known  and 
so  well  thought  of  for  what  it  supplies  the  rest  of 
mankind  with  as  Lowell. 

famous  Bunting. 

Prominent  among  Lowell’s  manufactures  is  bunt¬ 
ing.  Lowell  bunting  is  as  widely  known  as  the  city 
itself,  almost,  and  for  the  same  standard  qualities — 
strength,  brightness  and  permanency.  It  has  car¬ 
ried  the  national  colors  all  over  the  world,  and  with 
them  the  fame  of  the  place  of  its  production. 


UNITED  STATES  CARTRIDGE  CO., 
LOWELL,  MASSACHUSETTS. 

ESTABLISHED  1869. 

-I  MANUFACTURERS  OF 

AMMUNITION,  BRASS  AND  COPPER  GOODS. 
GOVERNMENT  CONTRACTORS. 

AGENCIES: 

U.  T.  HUNGERFORD  BRASS  AND  COPPER  CO., 

121  WORTH  STREET,  NEW  YORK,  N.  Y. 

CHARLES  SONNTAG  &  CO., 

116  MARKET  STREET,  SAN  FRANCISCO,  CALIFORNIA. 

CHARLES  W.  DIMICK, 

216  WASHINGTON  STREET,  BOSTON,  MASSACHUSETTS. 


U.  S.  BUNTING  CO., 

MANUFACTURERS 

FANCY  WORSTEDS,  SURGES  AND  DRESS 

GOODS, 

LOWELL,  MASS. 

W.  H.  AND  W.  H.  LEWIS  &  CO., 

BOSTON  AGENTS, 

76  BEDFORD  STREET. 


NEW  YORK, 


PHILADELPHIA. 


Che  Boston  'Journal's  JVcw  Building,  a  Million 
Dollar,  Bleven  Story  Structure,  and  a 

Model  plant. 

IT  WILL  BE  THE  NEWEST  AND  MOST  ATTRACTIVE  FEATURE  OF  NEWSPAPER 
ROW— SOMETHING  ABOUT  THE  PAPER  THAT  HAS  BEEN  AN  IMPOR¬ 
TANT  FACTOR  IN  NEW  ENGLAND  FOR  NEARLY 

FOUR  SCORE  YEARS. 


HE  erection  of  the  largest  and  finest  news- 
W  paper  office  in  New  England  on  the  busi- 

wj/wj  est  and  costliest  corner  of  Boston  is 
simply  another  mark  of  the  rapid  strides 
which  the  Boston  Journal  has  been  making.  It  is 
the  crown  wrought  by  nearly  seventy  years  of 
enterprise,  of  constant  progress,  of  the  conservat¬ 
ism  on  which  is  built  confidence  and  respect,  and 
the  building  itself  will  typify  the  newspaper  which 
it  is  to  house. 

The  new  Journal  Building  will  cover  not  only  the 
site  where  the  Boston  Journal's  home  stood  for 
forty  years,  but  the  large  corner  plot  next  to  it. 

The  magnificent  structure  rising  on  this  magnifi¬ 
cent  site  is  to  be  eleven  stories  high,  rising  well 
above  all  of  its  surroundings.  It  will  be  finished  to 
the  minutest  detail  with  all  of  the  marvelous  per¬ 
fection  of  the  modern  skyscraper  and  of  the  most 
complete  establishment  for  the  publication  of  a 
daily  newspaper.  Its  total  cost  is  set  at  $1,000,000. 

As  the  great  Republican  newspaper  of  Republi¬ 
can  New  England  the  Boston  Journal  long  ago  at¬ 
tained  a  growth  which  made  its  former  five-story 
home,  in  its  time  the  finest  building  of  the  kind  in 
the  six  States,  seem  cramped.  When  the  necessity 
for  more  room  became  urgently  pressing  it  was  evi¬ 
dent  that  the  enlargement  of  the  ground  area  to  in¬ 
clude  the  old  structure  and  the  building  next  to  it, 
a  part  of  which  the  Journal  had  used  for  years, 
would  require  the  complete  demolition  of  every 
wall,  and  extensive  excavation.  Without  the  disar¬ 
rangement  by  a  minute  of  the  exacting  schedule  of 
a  great  daily  the  Journal  plant  was  moved  to  tempo¬ 
rary  quarters  and  the  work  of  tearing  down  and 
building  up  began  immediately. 


The  new  Journal  Building  will  be  typical  of  what 
might  be  called  “the  commercial  skyscraper”  in  its 
most  modern  form,  and  will  crown  the  third  era  of 
high  buildings  in  Boston.  For  the  first  class  of 
buildings  whose  tops  reached  up  into  the  sky  above 
their  neighbors  was  the  churches,  with  their  pierc¬ 
ing  steeples.  Following  this  religious  type  came 
the  Governmental,  illustrated  by  the  shining  dome 
of  the  State  House  and  the  lofty  Federal  building. 

Of  the  commercial  type  the  Ames  Building  may 
be  said  to  be  the  pioneer,  but,  although  its  frame  is 
of  steel,  yet  the  science  of  building  had  not  at  that 
time  so  far  progressed  as  to  depend  upon  this  frame 
for  the  strength  and  stability.  The  walls  were, 
therefore,  made  of  great  thickness,  and  space  thus 
lost  which  in  the  building  of  to-day  is  carefully 
utilized. 

Besides  the  eleven  stories  of  the  Boston  Journal 
Building  towering  above  ground  there  will  be  three 
stories  wholly  under  ground.  So  great  is  the  value 
of  land  on  a  site  such  as  that  of  the  Journal  Build¬ 
ing  that  it  is  desirable  to  construct  as  many  stories 
as  possible.  The  Massachusetts  law  limits  the 
height  above  ground.  The  alternative  is  subter¬ 
ranean  construction,  and  modern  invention  and  in¬ 
genuity  make  it  possible  to  fashion  there  comfort¬ 
able  and  healthful  quarters. 

Going  forty  feet  below  the  level  of  the  street 
the  Journal's  new  home  will  provide  unequalled 
accommodations  for  the  paper’s  heavier  machinery. 
Modern  construction  will  make  it  possible  for  the 
direct  light  to  penetrate  the  depths  of  the  three 
stories  below  the  level  of  the  street,  and  improved 
ventilating  apparatus  will  keep  the  air  pure  and  of 
comfortable  temperature.  In  the  lowest  basement 


i34 


The  Finance  and  Commerce  of  Boston  and  New  England. 


JOURNAL-  BUILDING 


JOUrnT 


the  boilers  and  dynamos  are  to  be  placed;  above 
them  will  be  the  press  and  stereotype  rooms;  and 
then,  directly  beneath  the  ground  floor,  are  located 
.the  mailing  room  and  distribution  department. 
The  stereotype  room  will  be  connected  with  the 
composing  room 
150  feet  above  it  by 
a  novel  compressed 
air  form  lift,  by 
means  of  which  the 
locked  pages  may 
be  sent  up  and  down 
in  a  matter  of  a  few 
seconds. 

The  first  two 
stories  of  the  new 
J ournal  Building 
will  be  unique  in 
Boston.  The  walls 
will  be  of  polished 
granite,  a  material 
to  be  found  in  no 
other  bu i  1  ding  in 
the  city.  More¬ 
over,  the  lower 
story  of  that  stone 
will  have  a  still 
further  distinction, 
in  that  it  will  be  a 
beautiful  bronze 
green  granite,  of 
which  no  other 
specimen  exists  in 
a  New  England 
building,  and  only 
one  or  two  speci 
mens  in  the  coun¬ 
try. 

This  bronze  gran¬ 
ite  has  a  little  his¬ 
tory  of  its  own.  It 
seems  that  Mr.  Mc- 
Kim,  the  architect, 
discovered  a  quarry 
of  the  stone  up  on 
Mount  Ascutney, 
near  Windsor,  Yt. 

Its  beauty  and  grain 
delighted  his  artis¬ 
tic  taste,  and  noth¬ 
ing  would  satisfy  him  but  that  Mr.  Norcross,  the 
big  contractor,  should  travel  with  him  up  into  the 
Green  Mountain  State,  climb  500  feet  up  that 
precipitous  hill  and  look  at  the  wonderful  stone. 
The  quick  and  practiced  eye  of  Mr.  Norcross  saw 
at  once  its  ornamental  value,  and  his  firm,  who  are 


BOSTON  JOURNAL'S  NEW  BUILDING. 


now  constructing  the  new  Journal  Building,  will  use 
it  on  this  lower  story. 

When  the  Trustees  of  Columbia  College  were 
looking  for  a  handsome  marble  for  inside  decoration 
of  their  new  library,  they  could  find  no  marble 

from  which  they 
could  get  a  stone 
large  enough  for 
the  big  pillars  in 
the  hall.  Then  it 
was  that  they  were 
attracted  bv  the 

j 

polished  bronze 
granite,  and  they 
substituted  it  for 
the  planned  mar¬ 
ble.  It  has  given 
a  very  beautiful 
effect.  In  fact, 
scarcely  any  one 
who  enters  the 
library  is  able  to 
tell  that  its  columns 
are  not  of  marble 
instead  of  granite. 

The  location  of 
the  Journal  Build¬ 
ing  is  the  most  cen¬ 
tral  point  in  the 
business  district  of 
Boston,  which 
makes  it  the  very 
heart  of  New  Eng¬ 
land’s  life.  It  is  an 
ideal  situation  for 
an  ideal  newspaper 
office,  and  the 
eleven  stories  of 
the  new  J  ournal 
Building,  towering 
above  all  that  sur¬ 
rounds  it,  will  be¬ 
come  the  most  strik¬ 
ing  landmark  in 
twentieth  century 
Boston. 

The  recent  devel¬ 
opment  of  the  busi¬ 
ness  section  of  the 
metropolis  of  New 
England  as  it  has  been  outlined  by  the  erection  of 
many  large  office  buildings,  circles  about  this  cor¬ 
ner  of  Washington  and  Water  streets,  and  the  Jour¬ 
nal  Building  will  stand  in  its  very  midst.  The  site 
is  close  to  the  most  important  mercantile  and  gov¬ 
ernmental  interests  in  the  city.  A  few  steps  away 


EVERETT  &MEAP 
ARCHITECTS  - 


The  Finance  and  Commerce  of  Boston  and  New  England. 


i35 


is  the  Federal  Building-,  in  which  the  general  Post 
Office  and  the  direct  representatives  of  the  National 
Administration  are  housed.  Half  a  block  distant 
in  the  other  direction  stands  the  City  Hall,  and  back 
of  that  the  old  Court  House,  now  the  headquarters 
of  many  of  the  important  municipal  departments, 
with  the  registry  of  deeds  close  at  hand. 

The  Court  House  where  the  State  and  city  judic¬ 
iary  sit  is  convenient  of  access  to  the  west,  and 
just  beyond  it,  crowning  Beacon  Hill,  is  the  State 
House,  the  political  heart  of  the  Commonwealth. 
In  the  other  direction,  toward  the  harbor,  are  the 
Chamber  of  Commerce  and  the  Custom  House,  the 
centres  of  maritime  and  commercial  importance  for 
the  New  England  States,  not  far  from  them  the  water 
front,  with  its  great  piers  and  docks,  the  birthplace 
of  American  shipping. 

State  street  on  the  north,  and  Milk  street  on  the 
south,  a  block  in  either  direction,  mark  the  bound¬ 
aries  of  the  great  banking  centre  of  Boston.  Here 
are  the  Trustees  of  interests  mounting  into  millions, 
the  representatives  of  wealth  and  commercial  posi¬ 
tion,  the  institutions  which  guard  the  finanical  well¬ 
being  of  the  municipality  and  its  citizens,  among 
them  the  famous  Stock  Exchange.  The  North  and 
South  Union  Stations,  from  which  Boston  stretches 
out  its  hands  to  the  whole  continent,  are  about 
equidistant  from  the  site  of  the  new  building,  also. 
So  all  of  the  highways  to  and  from  the  chief  points 
of  a  great  city’s  strength  lead  to  the  Journal's  corner 
and  to  a  newspaper  for  which  they  are  sources  of 
important  information.  This  means  much. 

Many  places  of  historical  importance,  which  visi¬ 
tors  to  Boston  delight  to  see,  are  near  this  central 
point,  too.  The  Old  State  House  and  the  Old  South 
Meeting  House  are  but  a  step  or  two  on  either  side. 
The  scene  of  the  Boston  massacre,  Faneuil  Hall, 
King’s  Chapel,  the  old  Granary  Burial  Ground  and 
Boston  Common  are  all  within  a  short  distance  of 
this  corner.  Indeed,  ever  since  Boston  was 
founded  in  1630,  the  site  of  the  Journal  Building 
has  always  been  a  centre  of  action.  In  the  early 
days  of  the  settlement  of  Boston  the  inhabitants 
passed  close  to  this  spot  to  obtain  drinking  water 
from  the  old  spring.  Thus  from  early  times  to  the 
present  time,  the  people  of  Boston  have  looked  upon 
this  locality  as  the  most  familiar  part  of  the  city. 

Naturally  enough,  so  favored  a  situation  has  a 
large  value  from  a  commercial  standpoint,  and  it  is 
not  surprising  that  in  the  recent  transfer  of  this 


property  the  enormous  price  of  $170  per  square  foot 
was  paid,  a  larger  price  than  has  ever  been  paid  for 
a  parcel  of  that  size  since  Boston  was  founded.  A 
layer  of  silver  dollars  over  the  entire  area  of  the 
Journal  Building  site  would  represent  barely  one- 
third  of  the  total  value  of  that  land. 

The  Journal's  offices  on  the  ground  floor  of  the 
building  have  been  sumptuously  planned  by  Messrs. 
Everett  and  Mead,  the  architects.  At  one  side  of 
the  counting  room  the  advertising  department  is  to 
have  a  handsome  reception  room  connected  with 
the  offices,  and  the  solicitors’  desks  find  place  in  a 
gallery  above.  Back  of  the  advertising  manager’s 
room  will  be  the  business  manager’s,  and  back  of 
that  the  general  manager’s. 

The  eleventh  floor — which,  by  the  way,  touches 
the  limit  set  by  law  upon  the  height  of  buildings 
in  Boston — is  set  apart  for  what  is  planned  as  the 
most  perfectly  appointed  composing  room  in  the 
country.  A  balcony  will  run  about  its  four  sides,  and 
there  the  proof-readers  will  be  located.  The  great 
cut  cabinet,  containing  the  20,000  and  more  plates 
which  have  brought  to  the  Journal  the  name  of  “  the 
paper  with  the  photographs,”  and  the  various  card 
catalogues,  which  are  its  keys,  are  to  find  place  in 
this  same  balcony,  so  that  all  of  the  departments  on 
which  the  typographical  and  illustrative  features 
depend  will  be  in  close  touch. 

The  floor  below  is  to  be  occupied  by  the  various 
news  and  feature  departments.  The  city  and  tele¬ 
graph  rooms,  Sunday,  sporting  and  magazine  edi¬ 
tors,  art  department  and  reference  cabinets  and 
library  have  been  grouped  about  the  managing 
editor’s  room  so  as  to  make  for  the  greatest  possible 
practical  convenience. 

The  offices  of  the  publisher  of  the  fournal  are  to 
be  a  specially  finished  suite  on  the  first  floor  of  the 
building  above  the  counting  room.  Concentration 
of  energy  and  ease  of  control  have  been  kept  in 
mind  throughout,  while  the  space  is  everywhere 
generous,  and  the  proportions  are  large. 

Such  a  perfectly  equipped  establishment  is  the 
natural  home  of  a  newspaper  like  the  Boston  Journal , 
which  has  already  passed  three  score  years  and  ten — 
indeed, its  seventy-fifth  birthday  falls  in  the  next  year. 
Its  record  of  usefulness,  enterprise  and  sound  judg¬ 
ment,  its  political  stanchness  and  its  reliability  have 
won  it  a  high  place  among  the  great  dailies  of  the 
country  and  have  secured  to  it  the  second  largest 
home  circulation  among  New  England  newspapers. 


\goi 


The  Finance  and  Commerce  of  Boston  and  New  England. 


i37 


PANORAMA  OF  THE  BACK  BAY  DISTRICT  OF  BOSTON. — From  the  Common. 


INDEX. 


Aetna  Mills . 

Alden,  George  A.  &  Co . 

American  Hide  &  Leather  Co . 

American  Loan  &  Trust  Co . 

American  Telephone  &  Telegraph  Co.,  The  .  .  . 

American  Woolen  Co . 

Amory,  Browne  &  Co . 

Armstrong,  G.  W.  Dining  Room  &  News  Co.,  The 

Atkins,  E.  &  Co . 

Atlantic  Cotton  Mills . 

Ayer,  J.  C.  Co.,  The . 

Baeder  Adamson  &  Co . 

Bigelow,  Albert  S . 

Bigelow  Carpet  Co . 

Bigelow  &  Dowse  Co .  . 

Bliss,  Fabyan  &  Co . 

Boston  Belting  Co .  .  .  .  . 

Boston  Electric  Light  Co.,  The  . 

Boston  Elevated  Railroad,  The  ...  .  . 

Boston  Gas  Light  Co.,  The . 

Boston  Ice  Co. ,  The . 

Boston,  Revere  Beach  and  Lynn  Railroad  Co.  .  .  . 

Boston  and  Albany  Railroad,  The . 

Boston  and  Maine  Railroad  System,  The . 

Boston  &  Northern  Street  Railway  Co . 

Bright,  Sears  &  Co . 

Brookline  Gas  Light  Co . 

Carter,  Carter  &  Meigs . 

Catlin  &  Co . 

Central  National  Bank . 

Chase,  L.  C.  &  Co . 

Chase  &  Sanborn .  . 

Clinton  Wire  Cloth  Co.,  The  . 

Continental  Mills,  The . 

Converse,  Stanton  &  Co .  .  . 

Coram,  Joseph  A . 

Cottle  Leather  Co . 

Dominion  Line, — Richards,  Mills  &  Co . 

Draper  Co.,  The . 

Dun,  R.  G.  &  Co . 


Page. 

29 

71 
62 
18 
76 
82 
47 
99 

119 
33 

130 

72 
123 

36 

68 

47 
70 

107 

84 

79 
81 
97 
92 
94 
87 
21 

80 

120 

48 
15 

30 
119 

67 

36 

48 

123 

61 

103 

41 

122 


Page. 


Edison  Electric  Illuminating  Co.,  The . 

Elder,  Wait  &  Whitman . 

Eliot  National  Bank  of  Boston,  The . 

Estabrook  &  Co . 

Farwell  Bleachery,  The . 

Faulkner,  Page  &  Co . 

Federal  Trust  Co . 

Fillebrown,  C.  B.  &  Co . 

Furness,  Withy  &  Co.,  Ltd . 

Gaston,  Snow  &  Saltonstall . 

General  Electric  Co . 

Ginn  &  Co . 

Goodnow,  Nathan  B.  &  Co.  and  South  End  National  Bank. 

Grover,  R.  B.  &  Co . 

Haight  &  Freese.  Co . .  .  .  . 

Hall,  John  G.  &  Co . 

Hamilton  Woolen  Company,  The . 

Harding,  Whitman  &  Co . 

Harris,  N.  W.  &  Co . 

Hart,  Hon.  Thomas  N . 

Hornblower  &  Weeks . 

Hotel  Somerset . 

Hutchinson,  Hon.  Isaac  P . 

Hyams,  G.  M.  .  .  • . 

John  Hancock  Mutual  Life  Insurance  Co . 

Joy,  Langdon  &  Co . •  ...  •  .  .  •  .... 

Keith,  George  E.  Co . •  . 

Keith,  Preston  B.  Shoe  Co . • . 

Kidder,  Peabody  &  Co . •  .  .  .  . 

Lawrence  &  Co.  . . 

Lawson,  Arnold  &  Co .  •  .  .  .  . 

Lee.  Higginson  &  Co . 

Les'.er-Shire  Manufacturing  Co.,  The . 

Leyland,  Fred’k  &  Co . 

Linotype  Metal . 

Lockwood,  Greene  &  Co .  .  . 

Lockwood  Manufacturing  Co.,  The . 

Lowell  Electric  Light  Corporation . 

Lowell  Fertilizer  Co . 

Lowell  Gas  Light  Co . 


107 

126 

16 

25 

36 
50 
19 
50 

103 

126 

110 

116 

21 

56 

21 

103 

37 
50 
25 

124 

22 

121 

124 

124 

115 

49 
56 

56 
25 

50 
22 
25 

57 
103 

67 

111 

64 

130 
72 

131 


Page. 


Luce  &  Manning . 

Mackintosh,  Taft  &  McKenney . 

Macullar,  Parker  Co . 

Massachusetts  Institute  of  Technology,  The . 

Massachusetts  National  Bank . 

Mauger  &  Avery . 

Merchants’  National  Bank . 

Mitchell,  Knapp  &  Co . 

Moensch.  C.  &  Sons  Co.,  The . 

Mosser,  William  F.  &  Co . 

National  Bank  of  Redemption,  The . 

National  Shawmut  Bank . 

Nevins  Co.,  The . . 

New  England  Magazine,  The . 

New  England  Telephone  &  Telegraph  Co.,  The  .  .  .  . 
New  York,  New  Haven  and  Hartford  Railroad  Co.,  .  . 

Old  Colony  Street  Railway  Co . 

Old  Colony  Trust  Co . 

Packard,  M.  A.  Co . 

Paine,  Webber  &  Co . 

Parker,  Herbert . 

Parker,  Wilder  &  Co . 

Patterson,  Wylde  &  Co . 

Pepperell  Manufacturing  Co . 

Plant,  Thomas  G.  Co.,  The . 

Proctor,  Thomas  W . 

Rice,  Edwin  B .  .  . 

Rice,  N.  W.  Co . •  .  .  .  . 

Richardson,  Hill  &  Co . 

Rollins,  E.  H.  &  Son . 

Royal  Worcester  Corset  Co.  of  Worcester,  Mass.,  The  . 


37 

51 

52 
121 

16 

35 

16 

22 

61 

61 

17 

16 

49 

117 


97 

88 

19 


57 

22 

126 

51 

104 

33 

57 

127 


125 

62 


23 

23 

53 


Page 


Saco  &  Pettee  Machine  Shops .  42 

Security  Safe  Deposit  Co .  19 

Shaw  Stocking  Co .  131 

Shuman,  A.  &  Co .  52 

Smith,  G.  W.  &  F.  Iron  Co .  65 

Smith,  Hogg  &  Co .  51 

State  National  Bank  of  Boston,  The .  17 

State  Street  Trust  Co .  19 

Stoddard,  Haserick,  Richards  &  Co .  44 

Stone  &  Webster .  112 

Sturtevant,  B.  F.  Co.,  The .  66 

Tower,  Giddings  &  Co .  23 

Towle  &  Fitzgerald .  23 

Traders’  National  Bank  of  Lowell,  Mass.,  The  ....  131 

Tucker,  F.  M.  &  Co .  24 

Tucker,  Anthony  &  Co .  24 

U.  S.  Bunting  Co .  132 

United  Fruit  Co .  118 

United  States  Cartridge  Co .  132 

United  States  Leather  Co.,  The .  62 

United  States  Steel  Co .  65 

Walker-Stetson  Co.,  The .  49 

Waltham  Bleachery  and  Dye  Works,  The .  37 

Weld,  Stephen  M.  &  Co .  37 

Wellington,  Sears  &  Co .  49 

White,  Frank  E.  Co.,  The .  57 

Whitin  Machine  Works .  42 

VVhitinsville  Spinning  Ring  Co .  43 

Woodbury,  E.  S.  &  Co .  58 

Wright,  Brown  &  Quimby .  127 

York  Manufacturing  Co .  33 


I 


BOSTON  COLLEGE 


3  9031  01605923  0 


